Platform for peer-to-peer (P2P) trading In a gesture of support for Ukrainian users, LocalBitcoins has eliminated all fees. Citizens of the country can now accept bitcoin and convert it into local cash for free.
The LocalBitcoin peer-to-peer trading network has waived all costs for Ukrainian customers as part of its effort to aid the country and its residents, who are under Russian siege. On March 1, the site announced the move on Twitter, promising free bitcoin wallets to Ukrainians in the country and abroad.
LocalBitcoins stated in a statement to the people of Ukraine that its “fundamental value is freedom.” As a result, receiving bitcoin into Ukrainian wallets and converting bitcoin to Ukrainian Hryvnia will no longer be subject to fees.
Ukraine has received more than $20 million in cryptocurrency donations. Donors could send bitcoin and ethereum donations to the country’s official bitcoin and ethereum wallet. Ukraine NFTs have also been popular in recent days, with approximately 43.2 million coined for each Ukrainian resident.
Following the sanctions, Ukraine’s Vice Prime Minister requested that crypto platforms block Russian addresses. Some people agree, while others argue that the situation is more complicated.
LocalBitcoins is the newest platform to come to Ukraine’s help. Of course, which has received a lot of support from the crypto community. The cryptosphere, on the other hand, is not always in lockstep with western governments and their judgments. Many crypto platforms have been chastised for not shutting down business in Russia.
Governments are concerned that Russia and its sanctioned individuals may utilize cryptocurrency to evade the sanctions’ consequences. Many crypto platforms and executives, including as Kraken CEO Jesse Powell, believe that shutting off services for all Russian consumers would be unjust. According to Powell, there would have to be a legal necessity to do so.
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