In as much as I would want to keep my sanity and stay off the war news between Ukraine and Russia because of the emotional side effects I get from hearing about war stories, I come to have a perspective that there will be definitely a causality effect that will hugely affect the crypto - verse after the war (I'm really optimistic this ends soonest) resulting to a mass adoption, inmovation and the use of blockchain technology.
By causality effect I mean the relationship between two simultaneous or temporary event in which the first event brings about the existence of the other. An example will be to say, because of "A" is happening, "B" is bound to happen. The relationship could be positive or negative but which ever way, one thing resulted to the other.
We have read about the huge donations to the Ukraine government. The donations were made with some of the most valuable crypto assets in the world— Bitcoin, Ethereum, Usdt, Tron, even Dot. The last news I read from coindesk.com says even top crytpo co-founders made lump sum donations to support the Ukraine government.
For people with vast knowledge about the crypto world would understand the implication of these while others may just be following the news for historical tracks and updates. While some believe the sanctions on Russia wouldn't have so much effect because the crypto market might be used as an opportunity to evade the economic sanctions others believe it will largely affect the citizens and very soon ATMs will have lesser fiats to disburse. Some people petitioned that Russian related addresses be banned from crypto exchange platforms to hedge against the loopholes in the economic sanctions.
The concern with the donations to the Ukraine government can not be overlooked. Ukriane has a long history for corruption in governance and also seen as the poorest country in europe based on gross national income per capital. I believe this concerns of whether the funds from donations will be used for the intended use can be answered from the fact that this is a blockchain transaction and every movement of fund is traceable. At this critical point in time, a productive use of these funds by the Ukrainian government will go as far as showing the countries of the world that the blockchain is the best means of ensuring accountability and budget implementation.
The news from coindesk could attest to the fact that from the $26 million in crypto the Ukraine government has raised about $14 million has been disbursed with Michael Chobanian, founder of Kuna exchange and one of the arrow head of the fund raising campaign giving regularly updates on his twitter account (@ChobanianMike) and the flow of funds.
With all these current and simultaneous causes, there is no doubt that after this crisis, countries still deliberating or raising fences against the adoption of cryptocurrency will have a second thought. So, "vaguely", Imagine if no international institution can sanction your currency because it's totally decentralised. Further imagine if there could be a public transparency and accountability in the use of public funds with daily updates.
However, the problems of security of assets may be a challenge. But this can circumvented working hand in hand with highly secured exchanges and these governments have enough funds to build one for themselves too.
Again, this is a time to amass more assets because after this crisis alot of adoptions would happen which will in turn increase the demands for the use of cryptocurrency and there would be increased value too.
News Sources: Coindesk
Posted Using LeoFinance Beta
