The National Bank of Ukraine has suspended the issuance and distribution of electronic money, as well as the use of electronic wallets. Against this background, some citizens of the country are turning to cryptocurrencies.
According to CNBC, the National Bank of Ukraine (NBU) issued a statement on Thursday with a number of orders, including an order to suspend the foreign exchange market, limit cash withdrawals from bank accounts and prohibit the issuance of foreign currency from customer accounts.
According to the Ukrainian cryptocurrency exchange Kuna, many citizens of the country are looking for financial protection in crypto assets. The stablecoin USDT, pegged to the US dollar, has gained particular popularity.
“We don’t trust the government. We do not trust the banking system. We do not trust the local currency. Most people have nothing to choose from other than cryptocurrency,” said Kuna founder Michael Chobanian.
Earlier, the Verkhovna Rada in the final reading approved the bill on the legalization of crypto assets on the territory of Ukraine, without assigning them the status of legal tender.
Source: Bits
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