Certain things in this world we live in are just meant and bound to happen effortlessly whether we as individuals, organization or an entity likes it or not . Apart from the concept of change that is forever constant , I think another concept that shares that idea is the concept of conflict. There is no end to conflicts, as one pipes down another arises , there’s just always an uprising.
Conflict(s) as a concept weight and carry different meanings . It could mean a struggle for power or property like violent border conflicts or armed conflicts. It could also mean a strong disagreement between people or a group that often result into hot tensioned disputes.
Talking about conflicts , one that easily comes to our mind at least for those who are current with what is currently happening around the world is is the conflict between Russia and Ukraine .
Pressure on the Russia-Ukraine border continues to build as Russia won’t just stop launching new different military exercises . The conflict between Russia and Ukraine is one marked by land borders and shaped by strategic influence. Russia sees Ukraine as an important buffer to the North Atlantic Treaty Organization (NATO) while Ukraine sees Russia as an aggressor that has already occupied parts of Ukrainian territory already.
As all these unfolds, one cannot help but notice how the concept of cryptocurrency is adopted and put into use . On this post I’ll be placing my focus on Ukraine and how crypto has sort of become a tool of succor for the country in this tense times they seem to be facing .
Recent updates and news all around say bitcoin donations are pouring into Ukraine as Russia masses troops on the border. As tensions rises with Russia , new data shows that Ukrainian volunteer groups are crowdfunding bitcoin to support the country’s military. Isn’t that a win ?!
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Cryptocurrency totaling hundreds of thousands of dollars have been made to Ukrainian NGOs and volunteer groups according to Elliptic, which sells blockchain analytics tools . The crypto raised by Ukrainian activists has been deployed for a variety of purposes, including equipping the Ukrainian army with military gear , medical supplies and drones , as well as funding the development of a facial recognition app that identifies if someone is a Russian mercenary or spy . Wow o Wow ! where I come from , we say mad oh to stuff like this to express huge amazement because this is just amazing.
Although, Russia says it has no plan to mount an offensive medium, the U.S , U.K and others have preemptively sent military hardware to Ukraine to help brace for a possible invasion.
For years, volunteer groups have augmented the work of Ukraine’s military by offering additional resources and manpower . Cryptocurrency is particularly suited to international fund raising because it doesn’t respect national boundaries and it’s censorship resistant that is there is no central authority that can block transactions , for example in relation to sanctions or protests. The advantage of raising funds in crypto is that it’s a lot harder to confiscate them .
Ukrainian activists are not the only ones leaning unto crypto, pro Russian separatists have been raising funds in bitcoin since the early days of of the Russian-Ukrainian conflict.
For months, Ukraine has taken steps to embrace cryptocurrencies at a national level. Ukrainian prez Volodymyr Zelenskyy in 2021 signed a law that paved way for the country’s central bank to issue it’s own digital currency.
Both the president and the parliament are also going back and forth on a law that would legalize and regulate cryptocurrency. If the law is eventually passed it will go a long way towards elevating crypto out of the legal gray area where it currently sits , though it wouldn’t go as far as El-Salvador, which adopted bitcoin as a legal tender last year September.
This year Ukraine plans to open the cryptocurrency market to businesses and investors . However, a war with super power Russia could render all these painstaking plans moot . I guess we all just can’t wait and see what unfolds in the coming days.
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