The role of Cryptocurrencies in the conflict of Ukraine and how it is possible to help the Ukrainian people through Crypto donations
To cope with the Russian invasion that took place on February 24, 2022, Ukraine is receiving substantial financial support from various countries and citizens and some of these donations are made through Bitcoin and other Cryptocurrencies. Just before the start of the conflict, the Ukrainian parliament had just approved on February 17, 2022 a law on the regulation and legalization of virtual assets in Ukraine.
As can be read in the official note from the Ministry of Digital Transformation, it is a fundamental step forward for the start of a legal market for Ukraine’s virtual resources. In this case, the law determines the legal status, classification and ownership rights of virtual assets in addition to the market regulators (the National Bank of Ukraine and the National Securities and Stock Market Commission). It also creates the conditions for the further formation of the legal field in the virtual assets market and provides for the implementation of financial monitoring measures in the field of virtual assets.
On February 26, 2022, the Ukrainian government tweeted the Bitcoin, Ethereum and USDT addresses where to send donations on its official profile. Furthermore, on March 14, 2022, Ukrainian Vice President Mikhailo Fedorov announced via Twitter the opening of the official website for Cryptocurrency donations. According to the site, the community has already raised more than $ 60 million. In addition to the Cryptocurrencies mentioned above, donations can be sent via Cardano, Solana, Polkadot, NEAR Protocol, Dogecoin, Algorand, Stellar, Hedera, Monero, ICON, Casper and DigitalBits. One of the promoters of the initiative is Mike Chobanian, founder of KUNA Exchange and President of Blockchain Association of Ukraine, which in June 2022 announced Cryptocurrency-based humanitarian projects for Ukraine.
Aid For Ukraine is powered by Everstake, FTX and Kuna. Ukraine can also be helped with NFTs. Speaking of NFT, a Russian artist residing in the United States, Olive Allen, burned her passport in dissent with the Russian government. The video showing the scene became an NFT auctioned on SuperRare to raise funds for the war-affected Ukrainian people. Binance has donated $ 10 million to help Ukraine’s humanitarian crisis. British entrepreneur and computer scientist Gavin Wood, founder of Ethereum and creator of Polkadot and Kusama, donated a whopping $ 5 million.
On the other hand, however, Cryptocurrencies could be used by Russia to bypass the harsh sanctions that have been decided by the United States and its partners. Congress has also discussed it, as the anonymity provided by Bitcoin and other Cryptocurrencies could undermine the effectiveness of sanctions. Binance have tried to run for cover. In fact, from March 9, 2022, all transactions initiated with Mastercard and Visa cards issued in Russia are unavailable on Binance. In addition, all transactions initiated with Mastercard and Visa cards by financial institutions outside of Russia will also be unavailable within the Russian Federation on Binance.
Searching the internet, there are also other noteworthy Crypto donations:
- on Save the Children Italy, it is also possible to donate in Cryptocurrencies to help Ukrainian children. Your donation will be converted into fiat and will be used to guarantee immediate protection and aid such as hot meals, basic necessities, blankets, economic and psychological support for children involved in the conflict in Ukraine. You can donate by clicking here;
- also, on Instagram I found a reel of a Ukrainian girl, Yulia Babich, who with her group mates from the charity fund “хочу допомогти” (which means “I want to help”) launched a volunteer initiative to transfer 2 ambulances to the Mykolayiv region. They want to raise 600,000 hryvnia (about $ 16,000). It is possible to donate in BTC, ETH and USDT. To see the addresses click here.
Leave a comment below and tell me what you think about the role of Cryptocurrency in the conflict of Ukraine, how they can effectively help the Ukrainian people and if you know other notable initiatives of Crypto donations for Ukrainians. Consider this space a place to talk without censorship.
A winner is a dreamer who never gives up.
Disclaimer: I am not aware of any third party rights on the images used. I undertake to cite the source if there are any and to adjust the position if requested.
Disclaimer: Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives and your level of experience. Do Your Own Research. All opinions expressed here are owned by the respective writer and should never be considered as financial advice in any form.
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
