People who rely on digital money transfers in Ukraine will face some restrictions, according to the country's national bank.
As part of the country's martial law, the country's main financial institution said in a statement that it would suspend e-cash transactions.
According to CNBC, Ukraine's central bank has imposed a ban on e-money issuers. This includes transactions involving electronic wallets.
When it comes to e-money, the directive could be referring to fiat currencies used in PayPal and other digital platforms. The news came after Ukraine imposed new laws amid its conflict with Russia.
Ukraine's National Bank released a set of resolutions on this topic on Thursday, Feb. 24.
The ban will prevent the foreign currency market from conducting business. With that, retail bank accounts using foreign currency would be restricted.
The financial institution also capped the daily cash withdrawals to the U.S. equivalent of roughly $3,339.13 and restricted digital money transactions.
But amid the country's land and air attacks, Ukrainians rapidly resort to cryptos.
For example, Kuna, a cryptocurrency exchange based in Ukraine, requires domestic investors to pay a stable coin premium for the USDT.
"There is nothing you can do with the cash right now in here," Kuna founder Michael Chobanian told Coindesk. He added: "We don't trust the government. We don't trust the banking system. We don't trust the local currency."
Chobanian said the streets are definitely quieter than a few days ago. He believes many wealthy people and "business people and the crypto guys" have left Ukraine.
The country's commodity prices were not just affected by the geopolitical war. The clash impacted even the most popular digital coins in the crypto realm, such as BTC and ETH.
According to another Fortune story, the price of Bitcoin fell by 8% just hours after Russia declared its invasion of Ukraine. According to Fortune, it had plummeted to $34,413 per coin at the moment.
Meanwhile, the value of Ether has dropped to $2,404 per unit, a 7 percent drop. Even Solana was not immune to the war's aftermath, as the stock dropped 10% to $83 and the Shiba Inu meme coin dropped 10%.
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