TECHNOLOGY

How is Ukraine using crypto during this crisis?


How is Ukraine using crypto

War has never brought anything but misery, death, plague, hunger, and unfortunate circumstances that no one wishes in their wildest dreams. The recent onslaught of Russia on Ukraine has not only shook the country, but the debilitating impact of this internecine war reverberated across the world. Months in the building of war finally culminated in an apocalyptic end for Ukraine that has left millions rudderless and uncertain about the future. There is little hope for Ukraine, which has been effectively capitalized on when the world stood together with Ukraine. 

Hand of help in desperate times for Ukraine 

Donations started pouring into the country from all neighboring European countries that helped the Ukrainian people to latch on to their sanity. Such donations came in the form of Bitcoin, which not only helped the country bounce back but also gave them a much-needed semblance of hope in times of utter desperation. Bitcoin Era with the use of perfect crypto platform will address this mishap precisely & profoundly to help you understand how cryptocurrency became a form of a lifesaver for people residing in Ukraine. Russia has been cornered by the majority of the counties who displayed their contempt & dissonance to the attacks that Russia perpetrated on Ukraine. It had already been excluded from the SWIFT financial system to deter its ability to finance the unabated war. 

Ukraine lost a lot, but so did Russia 

If we address this scenario from a global finance perspective, then this war alone displayed the efficacy and productivity of digital assets. It helped Ukraine to get access to the resources required to sustain the battered & beleaguered population. The prominence of decentralized, digitized platforms and assets continues to grow significantly as the situation deteriorates between the countries. It will soon act as a democratizing force which is already being hailed by people as it helped them to sustain their livelihood at the end of the day. Moscow can no longer act like a spoiled tyrannical ruler as Ukraine has already embraced everything that the digital realm has to offer. 

Russia’s resilience in the face of adversity 

The authoritarian regime is being outclassed, and despite Moscow’s desperate attempts to render Ukraine without any livelihood & resources, Ukraine has displayed its resilience pretty admirably. Cryptocurrency acts as a storehouse of value & prevalent medium of exchange which is being embraced worldwide. Repetitive sanctions on Russia might have done a little damage to the country as a whole, but their resilience to continue the war is inexplicable. The debilitating impact of such sanctions will have their implications in the long term, but some of it is already being witnessed on a large scale across the country. 

Being cornered doesn’t seem to budge Russia 

One facet that needs to be addressed in the age of digital prominence is that the rate of illicit transactions and their frequency has skyrocketed, which is a worthy concern. The unregulated and decentralized nature of digital assets and cryptocurrency paves the way for innumerable transactions that are meant for nefarious purposes. Russia has constantly been trying to bypass the debilitating sanctions, but the efforts don’t seem to pay off lately. The tensions are pervasive in both the countries, but Russia has a lot of bleak days which it has to come to terms within the coming future. 

The future doesn’t seem bright for Russia 

Most of the crypto exchanges seem to be complying with the stringent sanctions to corner Russia, and the suspension of crypto trading in Russia is already being worked upon. Hence, the bottom line is that Ukraine lost not everything but a substantial amount of its resources, but Russia is in much worse shape & condition right now. The only way for Russia to reverse its deplorable state will be to put an end to war and leave Ukraine alone. However, it is not as easy as it might sound, and by the looks of it, the situation is bound to exacerbate in the forthcoming days. It is only a matter of time before the dust will settle, and the situation will reveal how much Russia has to pay for its bloodshed. 

Related Topics: