Ukrainian refugees have used cryptocurrency to survive. And contrary to what critics believe, sanctions have prevented Russia from finding a lot of use for crypto.
The world continues to be troubled to comprehend the geopolitical and human impact of the Ukraine war. With quite 10 million people fleeing their homes and 6 million seeking refuge in foreign countries, it has been a time to support a sovereign country under attack.
It has additionally proven to be the moment wherever cryptocurrency proved its true worth to real people. Not as the high-concept tech toy for the wealthy elite as several had previously dismissed it, but rather as an empowering force for good in a very dangerously unstable world.
When the Russian invasion began in Feb, Twitter accounts belonging to the Ukrainian government announce pleas for crypto asset donations. Now, as quite $100 million in crypto donations have already been raised to support the Ukrainian resistance, those of us who have championed crypto as a way of giving ordinary people rather than corporations and governments control over their own money are vindicated. whereas the banking economic system has been under sustained attack by Russia, using both military and cyberattacks, this life-saving money has gone directly to those in need via crypto.
Ukraine took a variety of measures in an effort to stabilize the banking sector and protect the country’s economy, together with suspending foreign cash withdrawals, limiting how much currency can be withdrawn, and banning cross-border forex transactions. Consequently, Ukrainians are turning to borderless and trustless crypto to enable them to either survive in or flee from the war zone.
(IAN TAYLOR, Cointelegraph.com, 2022)