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Ukraine People Are Now Fundraising in Cryptocurrency

Russia attacked Ukraine on 24 February 2022. Since then, more than $15 million worth money in cryptocurrency has been donated to the Ukrainian teams, as per the research firm Elliptic. DAOs, which stand for Decentralized Autonomous Organizations have been shaped to assist the Ukrainians in the time of crisis. Purchasing of NFTs has taken place in order to raise money for the Ukrainian individuals and their navy. The nation’s official Twitter account mentioned that it will accept donations in the form of cryptocurrency.  Tweeting on 26 February, 2022, the account mentioned, “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.”

Such donations have been made in the past using the traditional system of banks. However, in the new tech- savvy world, for Ukraine, crypto has become a fast and simple approach to deal with money. While his house was being bombarded, Polosukhin, Ukrainian cofounder of NEAR Protocol, mentioned, “Coming from Ukraine, it’s completely regular to have stacks of (dollars) bodily proximity,” “You don’t believe the native foreign money and on top of that, you don’t believe banks.” This is the primary reason why Ukraine opted cryptocurrency for the donations.

Known for its tech abilities, with more than 200,000 tech employees Ukraine’s,

IT export enterprise was valued at $6.8 billion in volume last year. The previous year also saw the country legitimizing digital currencies, regulating them and also offering fraud safety for its citizens. Before this decision, cryptocurrency enjoyed a grey space wherein individuals may transact using crypto, but the firms and exchanges when participated in such transactions, were liable to go through regulation enforcement consideration.

Ranking four on Chainalysis’ Global Crypto Adoption Index,

preceded by Vietnam, India, and Pakistan, Ukraine has about $8 billion of cryptocurrency passing by its way. During his stay in the country last year, Polosukhin was shocked to see the broad proliferation of cryptocurrency, even amongst people who were not that engaged in crypto initiatives. He stated that Tether among all is especially popular, partly due to the fact that many Ukrainians have been used to working with the greenback as a reserve foreign money. Another issue was the relative paucity of funding choices. Besides the true property market, “the one different alternative to take a position is definitely crypto.”

This is why many cryptocurrency and Web3 proponents have chosen

crypto to be their choice. Though a concern of Russia using the same crypto to evade sanctions is brought forward, it is unlikely since the Bank of Russia has been pushing for a ban on crypto. Therefore, when Ukraine’s central financial institution suspended digital money transfers and restricted money withdrawals, greenback, gold, silver, and crypto, became the viable choices for conducting transactions.  He comments that it is easy to ship crypto, however, not that easy for individuals to obtain it if the web or energy is reduced. Therefore, Polosukhin’s focus is on ensuring that all wants are taken care of properly- whether or not they have to do anything with crypto.

Also Read: 4 of the Best Cryptocurrency Casinos

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