How Crypto Is Playing A Pivotal Role In The Russia-Ukraine War?
How Crypto Is Playing A Pivotal Role In The Russia-Ukraine War?
Nearly $54 million in Bitcoin contributions have been transferred to Ukraine to aid its defense and relief operations throughout the war. Even Russia is turning to crypto payments to get over the restrictions that have been put in place.
Ukraine Has Raised More than $54 Million as Bitcoin Donations Pour in to Support the War against Russia
Cryptocurrencies like Bitcoin and Ethereum are streaming into Ukraine as the conflict with Russia continues.
Donations totaling $54.7 million have been made to the Ukrainian government and the non-profit Come Back Alive since Russia invaded on February 24th, fresh data from blockchain analytics startup Elliptic shows.
Non-fungible tokens and stablecoins like Tether have also been used to make donations.
Military Rule Leads People to Use Cryptocurrency
Cryptocurrencies like Bitcoin and Ethereum are also being used by people in the country, while martial law has effectively banned the use of e-money services like PayPal and Venmo.
There has also been a prohibition on retail bank accounts issuing foreign currency. As a result, Ukrainians and others who are now stranded in the nation have turned to cryptocurrency for local transactions.
Kuna, a Ukrainian cryptocurrency exchange, has stated that Ukrainian residents are choosing Tether’s USDT over their own currency because of a lack of trust in the banking sector.
Using Cryptography to Evade Sanctions: Putin’s Strategy
It appears that Russia is using Bitcoin as a means of avoiding financial restrictions imposed by NATO. By avoiding the jurisdiction of any global financial institution, cryptocurrencies operate on a decentralized paradigm.
After initially being anti-crypto, the Russian central bank has lately shifted its attitude in support of crypto under the leadership of President Vladimir Putin. By prematurely betting on Bitcoin in preparation for the invasion on Ukraine, Vladimir Putin ensured that Russia would dodge financial penalties.
Mykhailo Fedorov, Ukraine’s vice prime minister and minister of digital transformation, has asked crypto exchanges to deactivate the accounts of Russian and Belarusian users.
He tweeted, “I’m asking all major crypto exchanges to block addresses of Russian users. It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users.”
The CEO of crypto exchange Kraken, Jesse Powell, warned that such a step could not be implemented without legal precedence. Russian users were warned that a judicial order requiring them to do the same might be near.
Local TV broadcaster and honorary UN Population Fund ambassador in Ukraine claims that Russian soldiers surrendering weaponry will earn $45,000 (or 5 million rubles) in crypto or cash, followed by amnesty after trial, in related news.
What are your thoughts about the Russia-Ukraine war?
Do you think they have any influence over the overall crypto market?
If so, let us know in the comment section down below.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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