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Ukraine Is Providing Some Of The Best Arguments For Crypto Adoption Right Now


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Recent events around the world have shown that fiat money is essentially worthless…

These vouchers have no real value because the government can always print more, but from a utility standpoint there are somewhat more severe issues…

Canada made headlines recently when it announced the freezing of the bank accounts of both protestors and those caught donating to their cause.

In addition to this, Canada reportedly froze roughly 34 crypto wallets which were hosted on centralized exchanges or K.Y.C. outlets.

For those who don’t know centralized exchanges and K.Y.C. outlets are no better than banks in terms of individual liberty and direct control over your funds…

Decentralized exchanges, hardware wallets, and cold storage wallets are the way to go if someone wants security, privacy, and immunity to state censorship.

The problem isn’t in cryptocurrencies themselves, but in the custodial framework of centralized exchanges and those brokerages which have agreed to regulation by the U.S. government.

According to the latest reports, the Ukrainian government has frozen all electronic transfers of fiat money, and this yet another indicator that cryptocurrencies transacted from secure wallets on decentralized exchanges are the answer:

ProCoin News reports:

Essentially, users will not be able to distribute electronic or digital money in fiat currencies which also include services such as Paypal or Venmo.

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In addition to that, the country also declared the suspension of many other critical financial services such as the foreign exchange market and is limiting cash withdrawals.

CNBC explains:

Kuna, a popular Ukrainian crypto 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 currency,” said Michael Chobanian, founder of Kuna, in an interview with Coindesk. “The majority of people have nothing else to choose apart from crypto.”



 

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