Money is pouring in to aid Ukraine’s efforts against the Russian invasion – in the form of cryptocurrency. Around $20 million have been raised in crypto donations by the Ukraine’s central bank and allied NGOs, estimates blockchain consulting firm Elliptic.Why crypto?Because it allows for quick, anonymous, cross-border payments which aren’t dependent on financial institutions. Such a move also taps into the digital wallets of enthusiasts, many of whom have considerable disposable funds because of the recent crypto boom.But Ukraine doesn’t have a monopoly on this strategy. Russia could well use the decentralised nature of cryptocurrency to bypass economic sanctions, or at least mitigate its effects to a degree, a report by The New York Times suggests.Ukraine passed a bill legalising cryptocurrency on 17 February, while Russia has introduced a crypto bill in its parliament.
Source link
