Ukraine’s central bank is cracking down on digital money transfers in one of the latest measures implemented in connection with a nationwide declaration of martial law.
Kuna, a popular Ukrainian crypto exchange, shows that Ukrainian buyers are paying a premium for Tether’s USDT stablecoin, which is pegged to the price of the US dollar. According to news reports, Ukraine’s central bank is cracking down on digital money transfers in one of the latest measures implemented in connection with a nationwide declaration of martial law.
The National Bank of Ukraine ordered electronic money issuers to suspend the issuance of e-money and the replenishment of electronic wallets with e-money. The written order also indicated that the distribution of e-money was temporarily off limits.
The reference to electronic money likely refers to fiat currencies held in digital accounts through platforms like Venmo or PayPal. This is one among many new rules rolled out by the country’s central bank as Russian forces lay siege across Ukraine.
In a statement, The National Bank of Ukraine made a spate of resolutions, including an order to suspend the foreign exchange market, limit cash withdrawals, and prohibit the issuance of foreign currency from retail bank accounts.
Nevertheless, Bitcoin donations to the Ukrainian military are soaring, and will continue to soar in the face of the Russian occupation. Currently, Bitcoin price action is still playing out according to plan despite this week’s geopolitical turmoil. With its recent $34,300 low on the Ukraine invasion, BTC nonetheless managed to put in a higher low versus January’s $32,800 dip.
