The latest geo-political conflict has put cryptocurrency into good use. It has become a prominent feature of the war between Russia and Ukraine.
On Feb 26, the Ukraine government started to accept dogecoin and other cryptocurrencies as donations toward its military as Russia’s invasion continues. With the announcement made, the Ukrainian government has raised a whopping $35 million, through more than 35,000 crypto asset donations, according to Elliptic, a blockchain analytics company.
Not only the use of cryptocurrency brings convenience to the Ukrainian government, but it also seems that the Russians could use cryptocurrencies to get their money out of the country as well. The removal of Russian banks from the international SWIFT system has caused major difficulties for Russian to move their money. Hence there has been speculations that the Russians could use cryptocurrencies to move their money in order to evade sanctions and restrictions.
It is reasonable to say that the cryptocurrencies growth will have significant effect on the global economy, but their reach extends even to the realm of war now. The decentralized currencies are giving the power back to the hand of the people.
