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Ukraine's wealthy finding it hard to buy crypto amid geopolitical tension

2022/02/24 02:46

Michael Chobanian, founder of the Ukrainian crypto exchange Kuna, who was interviewed on 'CoinDesk TV' on Wednesday. He talked about the difficulties of buying crypto, the uncertain future of the local economy and possibilities for using blockchain amid the current geopolitical turmoil. He explained that most people who want to hedge with cryptocurrencies exchange cash for USDT, and buy bitcoin or ether. The problem is, the USDT supply is limited locally so buyers can’t even purchase it at a 4% premium, he said. The situation is worsened by Ukraine’s local currency devaluation. In the worst-case scenario, the internet and the whole banking system could break down in Ukraine, and crypto could be a safe haven, he said. Speaking of the future prospects of the crypto sector during this crisis, Chobanian said he is worried about a lack of investment in the country and a gloomy economic prospect in the near future. However, there is also an opportunity for new systems to come into Ukraine such as blockchain companies.
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