Cryptocurrency gains more adoption amid Russia — Ukraine crisis
The conflict between Russia and Ukraine is now being referred to as the world’s first “crypto war,” as both sides appear to be using the stateless digital currency. Aside from funding a dictatorial regime, the currency is also utilized to collect charitable donations.
There has been a surge in the number of digital currency donations for Ukraine since the Ukrainian government tweeted on Feb. 27 that the administration is collecting bitcoin donations. To demonstrate their support of the country under Russian occupation, several Korean Twitter users have posted screenshots of their desktops as proof of their cryptocurrencies’ contributions.
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People from around the world have already donated millions of dollars to Ukraine’s military before the government announced its digital wallet address on Sunday. More than $4.1 million or 109 BTC was raised in one day by the Come Back Alive Foundation, a Kyiv-based NGO foundation, according to blockchain analytics firm Elliptic.
As a result of the various layers of economic sanctions that Russia is currently facing from powerful countries, including a cutoff from the SWIFT financial system, these borderless digital monies could provide shelter for the country as well.
European Central Bank (ECB) president and CEO Christine Lagarde wants to implement restrictions on cryptocurrencies to prevent Russia from evading international sanctions.
When there is a ban or prohibition or a mechanism in place to boycott or prohibit, there are always criminal ways to get around the ban or prohibition, Lagarde added. “Market in Crypto Assets ( MiCA) directive must be passed as rapidly as possible to provide a legislative framework under which crypto assets can be detected,” she said.
The price of Bitcoin fell more than 2% last week due to worries about regulation and ongoing armed conflict in the region. As of this writing, the value of one Bitcoin has fallen by more than 44% from early November, when it was trading at roughly $67,000.
The founder of Ethereum, Vitalik Buterin, issued a statement denouncing Russia’s invasion of Ukraine on Twitter last week. “Reminder: Ethereum is neutral, but I am not,” the Russian-born Canadian cryptocurrency billionaire tweeted.
The founder of Ethereum, Vitalik Buterin, kept tweeting about cryptocurrency fundraising projects for humanitarian help in Ukraine.
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