Ukraine continues to fortify its status in the cryptocurrency landscape, recently integrating the USDC stablecoin into four Bitcoin ATMs across the nation.
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Ukraine, with its burgeoning cryptocurrency market, has recently taken another impressive leap in the digital currency sphere. As evidence of its commitment to embracing this revolution, four Bitcoin ATMs scattered across the country have incorporated the option for users to buy and sell USDC, widely recognized as a dominant stablecoin on a global scale.
The USD Coin, commonly referred to as USDC, is a digital currency that closely mirrors the value of the US dollar. Launched in 2018, this stablecoin was birthed from a partnership between Coinbase, a globally acclaimed cryptocurrency exchange, and Circle, a finance powerhouse based out of Boston. Positioned as an alternative to existing USD-centric cryptocurrencies such as Tether (USDT) and TrueUSD (TUSD), USDC presents an intriguing proposition. Unlike the majority of cryptocurrencies infamous for their wild price swings, USDC's value is predictably constant, with a single token always being equivalent to 1 US dollar.
The primary advantage of USDC is its stable price. This distinct characteristic sets it apart from other cryptocurrencies, whose prices can swing dramatically even within a few hours. Investing in USDC appears to be a safer option for those wary of the rapid fluctuations in cryptocurrency values. Additionally, the swift, low-cost transactions enabled by USDC make it a preferred choice for many, especially considering global transactions. Utilizing the blockchain, USDC can transfer funds across different geographic jurisdictions in mere minutes, proving to be a more efficient alternative to traditional and often pricier bank transfers.
Every USDC token is backed by one US dollar. However, it is essential to note that while USDC claims to have the backing of physical assets equivalent to its value, it is neither regulated nor legally insured by the US government. To mitigate concerns and to provide more transparency, Circle committed in 2022 to release weekly reports detailing the exact funds backing USDC.
For residents and visitors in Ukraine, here are some top locations where you can find Shitcoins.club Bitcoin ATMs:
With the recent integration into four Bitcoin ATMs, residents of Ukraine have an additional avenue to purchase USDC. This move underscores the growing acceptance and integration of stablecoins into mainstream financial avenues. As cryptocurrency continues its ascent in global financial markets, such steps mark significant milestones in its journey towards widespread adoption.
Navigating the crypto waters requires a clear understanding of the regulatory environment surrounding tokens like USDC. In the U.S., stablecoins have been under increased scrutiny. In December 2020, the U.S. Treasury Department proposed regulations that would require registered financial institutions to verify the identity of users who want to make transactions of over $3,000 when using wallets not hosted by a financial entity. This was a move aimed at bringing transparency to the world of stablecoins and to prevent illicit activities. Furthermore, the President's Working Group on Financial Markets released a report in November 2021 stressing the need for stablecoin issuers to be regulated as traditional banks to ensure public trust. According to a Reuters report, the U.S. Congress is also considering further regulations to ensure stablecoin issuers maintain the necessary reserves1.
Ukraine's tryst with cryptocurrencies has been noteworthy. In September 2020, Ukraine emerged as the global leader in the Global Crypto Adoption Index, according to a Chainalysis report2. A significant factor in this growth has been the Ukrainian government's approach to crypto regulation. In 2021, Ukraine passed a bill that legalized and regulated cryptocurrency transactions, although cryptocurrencies themselves aren't considered legal tender within the country. The law provided a framework for the exchange of crypto assets and their derivatives, setting the stage for a more organized and transparent crypto market in the nation.
Bitcoin ATMs, like the ones recently incorporating USDC in Ukraine, have seen explosive growth worldwide. According to CoinATMRadar, as of August 2021, there were over 23,000 Bitcoin ATMs across the globe, marking a substantial increase from just 7,000 at the start of 20203. This surge reflects the escalating public interest in digital currencies. North America remains the dominant region for these machines, with Europe, including countries like Ukraine, progressively catching up. The ATMs offer users a tangible touchpoint in the often abstract digital currency domain, facilitating easier buying and selling of crypto assets for fiat money.
Lidiya is editor-in-chief for Bitcoin-Ukraine and also spoke in Crowdcreate’s CryptoCom conference.
Everything you would like to learn about Bitcoin ATMs in Warsaw in Ukrainian.
You can buy USDT Lviv at this Bitcoin ATM. It lets you both buy & sell USDT & BTC and other crypto. It is anonymous below 29999 UAH and sometimes doesn't have fees.
Everything you would like to learn about Bitcoin ATMs in Warsaw in Ukrainian.
The community of investors using Bitcoin ATMs in Ukraine is growing quite rapidly. New devices are popping up every month. Prices, fees, KYC and Bitcoin all fluctuate quite visibly. It is becoming harder and harder to stay in the loop of what is happening in the Bitcoin ATM market in Odessa or Kiev. With this blog, you are able to follow the recent developments and never miss out on changes in law or new methods of trading crypto privately with cash.
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