Ukrainians rushed to buy crypto dollars

 

Ukrainians rushed to buy crypto dollars

The price of USDT stable coin on the Ukrainian exchange Kuna rose to $1.23 due to demand

 

The price of the stable coin Tether (USDT), pegged to the dollar at a ratio of 1:1, rose to 36.97 hryvnias ($1.23) on February 24, as Ukrainians stopped buying stable cryptocurrencies, according to data from the Kuna site. The total trading volume of all tokens on that day reached $4.4 million, according to the CoinGecko website.

At the same time, the exchange rate of the ordinary dollar rose only to 29.89 hryvnias, according to the XE platform. At the time of publication of the news, the USDT rate against the hryvnia is still 2.9 hryvnias higher than the dollar — Tether is trading at 32.8 hryvnias. Data from the Ukrainian branch of the world's largest exchange Binance shows that USDT is also trading at a premium on this site.

On February 24, Russian President  Vladimir Putin announced the start of a military operation in the Donbas.

 The next day, the Central Bank of Ukraine fixed the exchange rate of the national currency at the level of 29.25 hryvnias per dollar and limited cash withdrawals from banks. Cointelegraph experts believe that the interest of Ukrainians in cryptocurrency has grown dramatically for this reason.“When a country adjusts its currency exchange rate, the black market begins to grow rapidly, with consumers trading in foreign currency at a rate that reflects the real economic situation,” the publication says.

In addition, the National Bank of Ukraine (NBU) banned banks in the country from transacting in any foreign currency using the Russian and Belarusian rubles.

 The NBU also introduced a ban on the fulfillment of obligations to legal entities or individuals located in Russia or Belarus.