Following Russia’s invasion, Ukraine suspended the usage of electronic money and the service providers will halt the issuance and distribution as well, according to the statements of the central bank so let’s read further in today’s latest cryptocurrency news.
Putin’s military operation caused huge financial uncertainty in Ukraine and to bring a slight clarity to the situation, the National Bank of Ukraine informed that the monetary institutions will suspend the issuance of electronic money. It is safe to say that Russia’s military operation in Ukraine is in the headlines today as Russian troops are getting further into Ukrainian territory and occupying some of the biggest cities in the country with most of the citizens fleeing their homeland.
The National bank of Ukraine ensured that branches will work in an uninterrupted mode following Russia’s invasion, without the absence of a threat to life and the health of the population. It also provided access to safe deposit boxes and noncash payments while ATMs are supported by cash without restrictions. The local banks will suspend the issuance and distribution of electronic money so no such funds refer to fiat currencies in digital form while it remains unclear whether this will extend to crypto.
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The central bank introduced a moratorium on cross-border foreign currency payments with the move is expected to enhance the employment of the Ukrainian national currency and protect it from freefall in the upcoming days.
The institution halted all financial operations of the residents that took part in the armed aggression against Ukraine and the National Bank of Ukraine noted:
“Appropriate actions are necessary to ensure the reliable and stable functioning of the country’s financial system and maximize the activities of the Armed Forces of Ukraine, as well as the smooth operation of critical infrastructure.”
Similar to the rest of the financial markets, the digital asset industry took a hit after the Russian attack on Ukraine, and BTC even dipped below $34,000 while ETH dropped to $2300. it’s worth noting that most assets crashed today and with that said, it is yet to be seen how the crypto space will react to the financial consequences of this military conflict.
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