For the past one month, there is no war between Russia and Ukraine with only bombs and bullets. It is also a digital war in which cryptocurrencies also have a significant share. Ukraine’s Ministry of Digital Transformation is using social media to inform the world about Ukraine’s interests. More than $100 million has been raised in this way since a Ukrainian government official tweeted about accepting aid from abroad in cryptocurrencies as well. With this fund, the Ukrainian army is being helped to buy necessary equipment.
Ukrainian government says cryptocurrency The amount received is much less than the funds given by international agencies. However, the absence of intermediaries enabled her to receive funds from cryptocurrencies much sooner. It takes several days for funds from bank transfers to reach the accounts of the Government of Ukraine. Funds are received with cryptocurrency within minutes. This shows the importance of cryptocurrencies for countries that have weak financial and economic systems. There have also been some negative aspects of cryptocurrencies during this war.
Despite the sanctions imposed by many countries on the Russian banking system, it is reported that many Russian citizens are using cryptocurrencies to save their money. Keeping funds in cryptocurrencies is helping these people avoid losses due to the steep fall in the value of the Russian currency, the ruble. This method can also be effective for the Russian government, companies and big businessmen.
However, Russia and Ukraine The need to regulate the crypto segment has also increased due to the war between For this, different countries will have to consider creating a balanced framework. Its goal should be to minimize the possibility of cryptocurrencies being used as an illegal way to evade sanctions while maintaining the efficiency. In many countries, including the US, work is being done to legislate for the crypto segment. Having balanced regulations for cryptocurrencies can help reduce its misuse and increase its efficiency.