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Ukraine’s central has banned digital money transfers as part of the measures implemented as the government declared a nationwide martial law. With the restrictions in place, Ukrainians are turning to crypto such as the USDT stablecoin while Bitcoin is the crypto of choice for those who want to donate funds for the Ukrainian military.
The National Bank of Ukraine suspended the issuance of e-money and replenishment of electronic wallets with e-money by electronic money issuers, according to CNBC. The monetary authority also said that the distribution of e-money is temporarily not allowed.
According to the report, the term “electronic money” likely refers to fiat currencies held in digital accounts by platforms such as PayPal and Venmo.
With the restrictions on electronic money in place, some Ukrainians are turning to cryptocurrencies. According to local crypto exchange Kuna, domestic buyers are willing to pay a premium for the U.S. dollar-pegged stablecoin USDT.
“We don’t trust the government. We don’t trust the banking system. We don’t trust the local currency,” Kuna founder Michael Chobanian said. “The majority of people have nothing else to choose apart from crypto.”
Tether is the most popular stablecoin and the third-largest crypto with a market cap of around $80 billion, according to Coinmarketcap data. Since it is backed by the U.S. dollar, Tether (USDT) is less volatile than BTC and ETH.
People from all over the world are sending crypto to support Ukraine’s military in its fight against Russian forces. Data from blockchain analytics firm Elliptic shows that nongovernmental organizations and volunteer groups have already raised $4.1 million in crypto since the invasion.
Aside from the restrictions on electronic money, the central bank also prohibited the issuance of foreign currencies to the public, suspended the currency market, and imposed limitations on cash withdrawals, according to The Wall Street Journal. Residents can only make cash withdrawals of up to 100,000 Ukrainian hryvnias a day or around $3,339.13.
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