Will Bitcoin Help Or Hinder Ukraine'S Fight Against Russian Invasion?

War in Ukraine Ukraine is the first major conflict of the cryptocurrency era, and as it turns out, Ukraine itself is the cryptocurrency capital. The Ukrainian government, which desperately needs equipment, sent a request for bitcoin and Ethereum donations shortly after Russia attacks Ukraine last month.

According to analyst company Elliptic, Ukraine's official Twitter account for cryptocurrency donations shortly after the Ukraine attack resulted in more than $ 56 in bitcoin, ether, and other tangible assets flowing into Ukraine and the organization supporting his war. millions of dollars. Cryptocurrency analytics company Elliptic noted that the addresses of bitcoin, Ethereum, Tron, Polkadot, dogecoin, and Solana listed on government tweets have received more than 96,000 crypto offerings since March 2, amounting to $ 46, 7 million, going directly to Ukraine. On the Ukrainian side, government officials are using cryptocurrency to raise funds for Ukrainian troops and humanitarian activities, and since Thursday morning they have been able to raise $ 54.7 million in cryptocurrency over $ 102,000 since the start of the Russian invasion. , according to the report. data. . Elliptic blockchain tracking company.

On the other hand, the people of Ukraine have raised tens of millions of dollars in cryptocurrency to help fight Russia. The Ukrainian government backing the war and non-governmental organizations (NGOs) has raised $ 59.2 million in cryptocurrency donations, as digital money changers are under pressure to curb transactions with unauthorized Russian citizens.

If you have seen the news about cryptocurrencies financing the Ukrainian army and the Ukrainian army, it is probably because the NGO Come Back alive, supporting the military, is holding bitcoin. In Ukraine, Vitaliy Deinega, a Kyiv-based IT specialist who founded the NGO Come Back Alive, has raised $ 400,000 in cryptocurrencies since the start of the war to buy military and military equipment, reports the Elliptic. According to data followed by analytics firm Elliptic, most of the donations to the Ukrainian government were paid via ether and bitcoin (BTC-USD), but donors also sent PolkaDot cryptocurrency (DOT-USD) and stablecoin as a Tether (USDT). -USD) even Crypto Punk NFTs.

Ethereum founder Vitalik Buterin, from Russia, encourages people to use private funds to contribute to the relief work in Ukraine. There is also the DAO faction in Ukraine which has raised more than $ 4 million so far, as well as a long list of people in the crypto space who work to help democracy and those who have been expelled from the war. Some technology companies in and around Silicon Valley are incredibly fast to help democracy and hurt Russia.

At the same time, cryptocurrencies have become another war in Ukraine as Ukraine worries that Russia itself could use its allocated digital currency to avoid the recently imposed financial sanctions. He says Putin recently ended Russian Bank's efforts to curb cryptocurrencies. The reason has led to a debate about whether cryptocurrency, especially bitcoin, could be a way to cross the line of penalties. Even before the attack, the US government was concerned that cryptocurrencies could reduce the effects of economic sanctions.

It is difficult to explain any bitcoin price movement alone with Russia's attack on Ukraine, but in this case, cryptocurrencies prove a more stable bet than the ruble. Chart As the Ukraine crisis throws markets in turmoil, some eyes have turned to the value of cryptocurrencies. Even though bitcoin dropped below $ 30,000, it was a normal decline in bitcoin.

As the war in Ukraine escalates this week, bitcoin is making a huge one-day leak of more than $ 44,000 from less than a year, making speculation that its time has come as a safe asset. Bitcoin is the largest cryptocurrency on the market and is a good indicator of the cryptocurrency market in general as other currencies such as Ethereum (and smaller altcoins) tend to follow bitcoin trends. What You Should Know About Cryptocurrency Investments Cryptocurrency is a highly volatile investment.

In September, Ukraine approved cryptocurrencies after years of anonymity, and the new Digital Transformation Department launched video ads that attracted technology initiatives that could include cryptocurrencies. Timothy Spangler says that as Western countries impose severe sanctions on Russia, all eyes are on secret spending. According to Jim Harper, like many banks, cryptocurrency trading could take steps to identify transactions with Russian companies or individuals under sanctions imposed by the Ukrainian war.

Alex Bornyakov has blasted cryptocurrencies as a "blood money" method Russia can use to finance the attack. Dmitry woke up on February 24 in the news of the Russian invasion of Ukraine and found that ATM payments were limited by emergency rules and large withdrawal lines. Bornyakov said he also received a call from his boss, Digital Transformation Minister Mikhail Fedorov, who said Ukraine should help the military and asked if it could give people the opportunity to offer crypto services.

He says that although countries like North Korea have managed to build high-quality international networks to avoid sanctions to use bitcoin to transfer money and goods, Russia has not had time to prepare. The sanctions announced by Biden executives mainly target banks and do not include payments on electricity bills, meaning some of Russia's largest companies currently do not need to turn to the black web to receive cryptocurrency payments. The sudden rise of cryptocurrencies as part of this global distribution indicates that unlimited and often uncontrolled cryptocurrency payments can support organizations involved in future disputes.