Crypto Donations Come Forward as Support During Russia-Ukraine Invasion

Twitter has become the primary source for Ukraine to connect and communicate with the rest of the world as Russian troops move towards the country. 

One of their most recent tweets said that now they are accepting cryptocurrencies like bitcoins, tether, and Ethereum for donations. Additionally, they have asked the netizens to come together and fight this war against Russia. 

What is cryptocurrency?

BITCOIN and ETHEREUM! 

Sounds familiar? 

If you’re unfamiliar with cryptocurrencies, it is a blockchain-based decentralized digital money that works as a medium of exchange. Notably, crypto can be used or transacted to buy goods and services. 

Not only Ukraine but crypto is now being used as a financial weapon by Russia as well!

HOW??

This article has got everything you must know, so continue reading! 

But first, here’s what is worth knowing:

$12 Million Raised by Ukrainian Government in Bitcoin!

Ukraine accounts for one of the biggest adopters of crypto after Pakistan, India, and Vietnam. The country has raised more than $18 million in donations since Russia began its military operations, out of which, about $12 million is in the form of cryptocurrency. 

A few days back, the country’s minister for digital transformation rolled out a tweet mentioning the digital wallet addresses where people can directly make their crypto contribution. 

But, can cryptocurrency really aid Ukraine?

Thousands of cryptocurrency donations have already been made in the form of Ethereum, BTC, and stablecoins. Additionally, people are also donating Non-Fungible Tokens (NFTs) that are being deposited in the crypto fund bank. 

The founder of a public crypto platform mentioned that the collected cryptocurrencies are converted into fiat for purchasing food, war accessories, and other essentials. 

Furthermore, Kristin Boggiano- the president of CrossTower mentioned that even if Russia tries to seize the banking system, and the scenario turns out to be similar to Afghanistan and the Taliban, people won’t be able to take out any money. Therefore, crypto would be the perfect option for the Ukrainian people. 

How is Russia Taking Advantage of Cryptocurrencies?

The condition:

After numerous penalties placed by the US on financial institutions of Russia, speculation is that the country will have to rely on crypto for transactions. 

According to one of the official documents, about 80% of the Russian banking assets are being targeted by the US. Additionally, prohibitions on debt and equity have been introduced against crucial private and state-owned institutions. 

The European Union has also limited any permissions to two Russian banks, also holding any cashflows from Russia into the EU. 

Not only the US and EU, but the United Kingdom has also frozen all its transactions with the Russian banks. They have also barred any Russian companies from raising funds from the UK marketplace. Additionally, people are prohibited from depositing more than $67.000 in UK banks. 

Russia Tackling the Condition:

Notably, the Russian government won’t be able to make use of crypto to reverse the sanctions; however, common citizens can easily utilize the same. 

As per the global CEO of global crypto exchange CrossTower, cyber tracking is likely to be a part of the war, which is why crypto will be prohibited from using as a war weapon. 

Also, according to a Russia-based crypto expert, “Decentralized cryptocurrency and digital assets which can be used in all situations will help Russia in this war.”

Crypto: Good or Bad?

The manner in which cryptocurrency is being used in Ukraine indicates the perks technology has got to offer. In fact, Russia’s Invasion is now being referred to as “the world’s first crypto war.” 

The entire credit goes to crypto proponents who supported Ukraine and tried fitting crypto into the scenario. 

Currently, there’s no knowledge and assumption about how crypto will impact international conflict or what conclusion it will derive; however, people must figure out accurate ways to utilize the same. 

No matter whether crypto is good or bad during war times; it is efficiently offering people an opportunity to work outside a financial institution. 

What’s more? 

THERE’S NO GOING BACK ANYTIME SOON!