Russia-Ukraine War: Crypto to The Rescue

2022-4-1 11:08

As opposed to fiat currencies and traditional financial systems, cryptocurrencies are considered unstoppable by central entities. And they are very much proving their effectiveness in the war-struck Ukraine.

It has been a month since Russia began invading Ukraine. An escalation of the 8-year long Russo-Ukrainian war, the ongoing invasion is Europe’s largest military assault since World War II. It has resulted in over 2,300 recorded civilian casualties and 3.6 million refugees.

The loss of lives and tragic suffering of the people is further exacerbated by the continued bombings within major cities of Ukraine. The country suffers a significant infrastructural loss valued at over $100 billion, with the number rising daily. Nearly half of the businesses operating in Ukraine have ceased operations. Further, over 90% of Ukrainian citizens risk falling into poverty and turn vulnerable due to the crisis. Currently, it is estimated that at least $250 million will be required in donations to protect 2.6 million citizens from partial income loss.

This has resulted in one of the worst humanitarian crises in recent times and has highlighted the shortcomings of fiat currency to absorb economic shock. Due to this, there has been a severe shortage of liquidity to fund the military and defense operations of Ukraine as well.

The Rise Of Crypto: Saving Grace For Ukrainian Military Operations

While aid from NGOs and other countries has been incredibly helpful, Ukraine has been relying on cryptocurrencies to fund various operations, both military and humanitarian. Alex Bornyakov, the deputy minister at the Ministry of Digital Transformation, claims that the Ukrainian president shares the idea that crypto can be revolutionary for the war-ravaged country’s economy.

Due to the recent outpour of crypto donations, Ukraine has passed a law to create a legal framework for the crypto industry in the country. Volodymyr Zelenskyy’s approval of the bill emphasizes the critical role played by crypto in the ongoing invasion. Banks in Ukraine can now open accounts for crypto companies, while foreign and local crypto exchanges can now operate legally.

How Is Ukraine Raising Funds

Donations in cryptocurrencies and virtual assets to Ukraine have seen a stark rise and have been vital in continuing the fight against Russia.

A Ukrainian Flag in the form of Non-fungible tokens (NFTs) has fetched $6.5 million in Ether, the second most popular cryptocurrency next to Bitcoin. Further, the eminent crypto exchange Binance has donated $10 million to Ukraine’s cause.

FTX, a Bahamas-based crypto exchange has announced that it will give $25 to each Ukrainian on its platform. Crypto DEX TRON DAO has also donated $200,000 to help the humanitarian crisis.

Moreover, the crypto trading platform, Cryptology has announced that it will make a one-time donation of $25 USDT to every account registered in Ukraine. The aid from the cryptology team follows the international humanitarian conventions and no other organization will be involved in the program.

Crypto donations for Ukraine touched a record high of $120 million in March 2022 with more funds flowing in support of the country. Corporates, crypto startup founders, and individuals have donated generously in the form of Bitcoin, Ether, and valuable NFT collections such as Cryptopunks. Unchain Ukraine, a global crypto-native fundraising campaign has also been raising millions of crypto donations for Ukraine.

These funds have enabled the Ukrainian government to support the Armed Forces of Ukraine. Reports suggest that $15 million have been spent already in securing military supplies including bulletproof vests. These digital assets have emerged as an alternative to the traditional banking system that has become severely restricted since the inception of the war. Indeed, crypto has become a saving grace for Ukrainian citizens and the Government.

 

Image: Pixabay

 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Central African CFA Franc (XAF) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 XAF

very central entities proving war-struck ukraine effectiveness

very central → Результатов: 111


MAS Receives Over 300 Applications Including Alphabet, Alibaba, & Binance for Payments and Crypto Exchange Licenses

While calling Bitcoin a “speculative asset,” which is very complex, the top central bank official Sopnendu Mohanty said, if people want to go out and buy such risky assets, “it is their choice.” The post MAS Receives Over 300 Applications Including Alphabet, Alibaba, & Binance for Payments and Crypto Exchange Licenses first appeared on BitcoinExchangeGuide.

2021-6-4 20:34


Фото:

Cryptocurrencies Prove Central Bank Models Are Obsolete, Says Professor

A Spanish professor and economist stated that cryptocurrencies have brought out the “obsolescence” of central banks, although their capitalization is still “very insignificant.” Crypto Is Not Only About the ‘Speculative Noise’ Pablo Agnese, an economics professor and lecturer in the Department of Economic and Business Organization at the Universitat Internacional de Catalunya in Barcelona (UIC […] The post Cryptocurrencies Prove Central Bank Models Are Obsolete, Says Professor appeared first on Bitcoin News.

2020-12-4 14:20


Owning Bitcoin “Is a Must” Says Price of Tomorrow Author, Jeff Booth

Bitcoin is a first of its kind financial technology born out of the Great Recession. It is designed specifically to be opposed to everything central banks stand for. It’s for those very reasons that The Price of Tomorrow author Jeff Booth believes that Bitcoin “is a must” to own to preserve one’s wealth and act as a “life boat” in the future.

2020-9-17 18:00


BoE Governor: A CBDC Would Need to Be ‘Very Carefully Designed’ to Overcome Challenges

The outgoing Bank of England (UK Central Bank) governor Mark Carney has reiterated his sentiments regarding a Central Bank Digital Currency. This was after the UK Central bank released a dossier touching on the CBDC that is supposed to store value and facilitate payments for both domestic and commercial transactions. The Outgoing Canadian is on […]

2020-3-13 22:19


Фото:

Coronavirus Forces China to Sanitize Billions in Paper Money, Bitcoin Avoids Such Precautions

China’s central bank, The People’s Bank of China (PBoC), plans to sanitize billions of yuan notes in areas that are worst affected by the coronavirus. The epidemic, which has hit China’s political, economic, and education systems very hard, has pushed the nation’s authorities to take extreme actions to curb the spread of the virus.

2020-2-19 23:20


China’s PBoC Completes ‘Top-Level’ Design For Digital Yuan, Launch Date Still Unknown

The People Bank of China (PBoC) has just completed a top-layer design and the testing of its central bank digital currency (CBDC) that should be released very soon. As reported by Chinese news outlet Sina on January 10, the tests and top-layer design for the digital Yuan were accomplished and developed according to relevant standards. […]

2020-1-11 21:18


Фото:

Germany: Central Bank Urges Europe To Strengthen Banking System Over CBDC Route

Jan Weidmann, the President of the Bundesbank, holds some very unique thoughts on the topic of money, digitization, and the network effect of payment services. Speaking with Handelsblatt, he offers his perspective on opposing Libra, which is centered around a market-oriented approach rather than endorsing the launch of a state-backed competitor such as a digital euro, JanuaryRead MoreRead More.

2020-1-4 02:00


Dr. Nouriel Roubini Estimates that a Global Recession is Underway

Nouriel Roubini foresees a global financial crisis. Different policies implemented to prevent a financial downturn will not help. Central banks around the world must stop printing money. Dr. Nouriel Roubini, a professor at New York University’s Stern School of Business, estimates that a new recession could hit the global economy very soon.

2019-11-9 18:06


Экс-глава китайского центробанка: Libra должна быть подконтрольна МВФ

Бывший председатель Народного банка Китая Чжоу Сяочуань уверен, что проект цифровой валюты Libra от Facebook вряд ли далеко продвинется без контроля со стороны международных финансовых учреждений. I watched the entire video and his comments is VERY to the point and super wise TBH.

2019-11-8 15:08


European central banks could ‘band together’ to issue a CBDC

We live in a world where we rarely act, but often react. Europe is playing on that very tendency. From the East and the West of the continent, digital currencies are being embraced rapidly. On the other side of the Atlantic, Facebook, the social media giant, sent shockwaves throughout the corporate and sovereign world by […] The post European central banks could ‘band together’ to issue a CBDC appeared first on AMBCrypto.

2019-10-25 16:30


BoE Deputy Governor: Central Bank Digital Currencies Are “Worth Looking At”

According to Bank of England deputy governor Dave Ramsden, developing a synthetic central bank digital currency is “worth looking at.” Ramsden who oversees payments and fintech said currently, the UK central bank is “very focused” on what needs to be done to provide infrastructure to encourage private innovation. Now, creating a digital currency with other […]

2019-10-20 17:39


In-person meatspace protocol to prove unconditional possession of a private key

Recommended pre-reading: https://ethresear. ch/t/minimal-anti-collusion-infrastructure/5413 Alice slowly walks down the old, dusty stairs of the building into the basement. She thinks wistfully of the old days, when quadratic-voting in the World Collective Market was a much simpler process of linking her public key to a twitter account and opening up metamask to start firing off votes.

2019-10-2 04:03


Swiss Central Bank In Close Contact With Facebook’s Libra, Affirms Documents Are Very Vague

The Swiss National Bank, known the central bank of the country, has recently contacted the responsible people for Facebook’s Libra project in order to know more about the project. Fritz Zurbruegg, the vice-chairman of the bank, has talked about the contact so far and claimed that the documents that back the project are very vague. […]

2019-8-28 05:06


Iran Punks Trump With Historic Gold-Backed Crypto Scheme

Days after President Trump slammed bitcoin and the very idea of crypto, geopolitical foe Iran revealed that it is ready to unveil its own gold-backed cryptocurrency. Gold held in reserve by the Middle East country’s central bank will back the value of tokens on the blockchain of Iran’s new central bank “cryptocurrency” – which might […] The post Iran Punks Trump With Historic Gold-Backed Crypto Scheme appeared first on CCN Markets

2019-7-15 21:30


European Central Bank: “Bitcoin is Not a Currency But an Asset that is Very Volatile”

Bitcoin has unarguably gained massive adoption of recent and there are hopes that someday, it could potentially become a global currency. However, the European Central Bank, the Central bank for Europe’s currency Euro in a tweet on July 9, 2019, stated that it has no plans to add Bitcoin to its reserves because Bitcoin is […] The post European Central Bank: “Bitcoin is Not a Currency But an Asset that is Very Volatile” appeared first on ZyCrypto.

2019-7-10 15:34