Ukraine, a nation marked by military conflict and economic turbulence, demonstrates to the world the potential new technologies can have during challenging times.
Banking sector: At the forefront of the banking system is the National Bank of Ukraine, which is working to stabilize the Ukrainian hryvnia and the economy. To my surprise, despite everything, they seem to be succeeding. I expected drastic spikes in inflation or significantly increased food prices, but it appears they have at least partial control over the situation. What's most interesting? Several of my acquaintances who hold leadership positions in Ukrainian banks have confirmed that these financial institutions are beginning to turn their attention to the world of cryptocurrencies. They are purchasing USDT and thus partially protecting their assets and clients from the unpredictability of the military conflict. It's not about speculative investing, but about seeking a stabilizing tool. Considering that banks did not want anything to do with cryptocurrencies, this is an intriguing development.
VEXL (P2P): On the other hand, the government is keeping an eye on P2P traders. Specifically, it is trying to monitor and limit P2P transactions, especially those high-value ones over 1 million USD. However, if you are not actively trading with Russia, the government usually looks the other way. Another interesting point - many P2P traders I personally know have decided not to trade with Russia, not because of the laws but due to their own convictions.
Regarding fees associated with cryptocurrencies, during wartime, they reflect the concerns of the population. In Uzhgorod, fees hover around 1%, while in Kharkiv, they can reach up to 15%, with demand being very high despite the high fees.
Conclusion: The Ukrainian experience could serve as an example of how nations during times of uncertainty can turn to innovative solutions like cryptocurrencies to ensure their economic stability. In the future, we might witness an era where cryptocurrencies play a central role in the global financial system, not just as an investment tool, but also as a stabilizing tool in times of crisis.