The Magazine for Asian Investors
The Central Bank of Ukraine (NBU) has suspended currency transfers. This is one of the measures of martial law that the government has imposed across the country. As a result, some Ukrainians have turned to cryptocurrencies instead.
The Central Bank of Ukraine issued a written order yesterday (February 24) requiring e-currency issuers to suspend the issuance of e-money. The order also states that the distribution of e-currency has been temporarily suspended.
Ukraine’s central bank has also taken decisions such as suspending trading on the foreign exchange market and restricting cash withdrawals. In addition, it prohibits the issuance of foreign currency through retail bank accounts.
Meanwhile, Kuna, the popular Ukrainian cryptocurrency exchange, revealed that domestic buyers are willing to pay more for stablecoin tethers pegged to the US dollar price.
Kuna founder Michael Chobanian said: “We don’t trust the government. We don’t trust the banking system. We don’t trust the local currency. The majority of people have nothing else to choose apart from crypto.”