Bitcoin and cripto in Ukraine: cripto interest is exploding during these dark times by ParamountDax Feb, 2022

The Ukraine is trying to block cripto payments, but decentralization cannot be stopped by governments or nations

The ParamountDax Team, because of the recent events of these last few days, sends all the best wishes possible to all the people affected these events, and we really hope that everything will be resolved as peaceful and diplomatic as possible.

A bitcoin wallet listed by a charity organization claiming to support the Ukrainian military has received more than 19 bitcoins worth around $700,000, according to data from blockchain.com.

The address in question has been active since at least August 2021, but the vast majority of the 600 recorded transactions took place in February, many of them in the last 48 hours. Elliptic reported that the charity received close to $400,000 in bitcoin on Thursday alone.

Donations have been pouring into Ukraine as it braced for an invasion by Russia. On Thursday, Russia launched a full blown military assault on the country. Russian forces recently reportedly captured the infamous Chernobyl power plant. The U.S., among other nations, has imposed heavy sanctions on Russia as the offensive continues.

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 (e-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.

The National Bank of Ukraine released a statement on Thursday with a spate of resolutions, including an order to suspend the foreign exchange market, limit cash withdrawals, and prohibit the issuance of foreign moneda from retail bank accounts.

As Ukraine cracks down on pathways to cash and Moscow unleashes airstrikes and ground troops, some Ukrainians are instead turning to cryptocurrencies.

Kuna, a popular Ukrainian cripto exchange, shows that domestic buyers are paying a premium for Tether’s USDT stablecoin, which is pegged to the price of the U.S. dollar.

“We don’t trust the government. We don’t trust the banking system. We don’t trust the local moneda,” said Michael Chobanian, the founder of Kuna, in an interview with Coindesk. “The majority of people have nothing else to choose apart from cripto.”