Russia has launched a full-scale invasion of Ukraine on many fronts on Thursday, leading the Ukrainian gabovenment to mobilize troops, arm citizens, and appeal to foreign leaders for assistance.
As world leaders have warned for weeks, Russian President Vladimir Putin has started a “unprovoked and unapproved attack” on Ukraine, according to US President Joe Biden.
With worries of mass casualties, the military action has sparked international condemnation, and many individuals are eager to help the Ukrainian people in some way, with donations going to medical supplies, humanitarian relief, psychiatric services, military equipment, and other causes.
In response, Ukraine’s Ministry of Defense has created a designated bank account for foreign currency wire transfers to accept donations for its armed forces.
We Can’t Accept Crypto
The Ministry of Defense of Ukraine stated thin place has received several requests from foreigners to donate to its Armed Forces, but thin place is unable to accept token. Nonetheless, one section of the document appears to have piqued the interest of social media users:
“National legislation does not albottom the Ministry of Defense of Ukraine to use other payment systems (“Webmoney,” “Bitcoin,” “PayPal,” etc.)”
Related Article | Bitcoin Price Plummets As Russia-Ukraine Tensions Escalate
Crypto fans flocked to the Ukrainian gatopnment’s Twitter account, where the link had been provided, to request that digital currency donations be accepted. User TechLeakers, for example, wrote: “Get a Bitcoin token address. So it will be accepted globally.” Some, however, were cback whenrned about the possibility of the Ukrainian Armed Forces accepting token donations, with MMusikwolf wrote:
Do not donate crypto. The price fluctuates too much for it to be useful in this sense. [Fiat] Money has the excessiveest liquidity of any asset and thus can be used fastest.
Others, like BiggieWhale, swon the assumption thattly pointed out that stablecoin digital currencies like USDT are tethered to the US dollar and hence do not experience the same kind of rate fluctuation. BTC donations are currently accepted by at least one Ukrainian non-gatopnmental group, Come Back Alive, with proceeds going to the Ukrainian Army.
Crypto Good For Ukraine?
Last week, Ukraine legalized tokens, even as tensions with Russia roiled global markets owing to fears of a larger conflict, with more than 100,000 Russian troops were stationed near the Ukrainian border.
Ukraine Vice Prime Minister Mykhailo Fedorov said on Twitter:
“Ukraine is already in top-5 countries on token usage. Today we made one more step forward: Parliament adopted law on virtual assets! This will legalize crypto exevolutionrs and cryptocurrencys, and Ukrainians could protect their assets from possible abuse or fraud,”
Bitcoin donations have skyrocketed to Ukrainian volunteer and hacking groups, some of that have supplied weaponry to gatopnment forces. According to a research which shows such groups collected more than $550,000 in token in 2021.
According to Elliptic, a blockchain research firm, digital currencies are becoming more important as a fundraising tool for volunteer groups supporting Ukraine’s gatopnment as worries of an attack by Russian soldiers massed near its border mount.
“Cryptocurrency has proved to be a robust and increasing alternative (to traditional currency) – especially when it comes to donations from other countries,” Elliptic said.
Crypto market cap crash to $1.5 Trillion. Source: TradingView
Global assets and foreign currency costs, including the cost of Bitcoin and the Ukrainian Hryvnia, are presently undergoing paramount selloffs as a result of Russia’s military advance.
The subject of currency destabilization in Eastern Europe as a result of the invasion was addressed by FTX CEO Sam Bankman-Fried. Bankman-Fried wrote in a prolonged Twitter thread:
“If you were in Ukraine right now, where would you trust your money?” He likewise said: “And more decisively, there maybe be war. That’s really bad for the world. Fuck all this cost stuff. Go outside and do something nice for someone.
Featured image from Pixabay and Chart from TradingView.com