Why has Ukraine turned to cryptocurrencies, and how is the nascent crypto industry changing its reputation and having an impact amid the clouds of war?At the outset of the conflict, Ukrainian officials posted addresses for two crypto wallets on their Twitter accounts, giving donors a direct and clear address to which to send contributions.The heavy smog due to the burning landfill in Novi Petrivtsi village, north of Kyiv, is seen in Ukrainian capital of Kyiv on March 19, 2022.
Initially, two funds were set up, one for humanitarian purposes and the other to support the Ukrainian military. US crypto charity, “The Giving Block”, told AFP that cryptocurrency donations have the potential to attract “younger donors” who are looking to support various causes. In the early days of the conflict, the deputy minister for digital transformation wanted to issue Ukraine’s own crypto as a symbolic gesture for Kyiv’s cause, but the project was eventually cancelled.
According to data analytics firm Chainalysis, transactions from Eastern Europe to other regions are particularly high, and the company suggests that “capital flight could account” for some of the crypto movement in the area.Despite the risks associated with crypto, Chobanian is confident that it will become a core part of the Ukrainian economy.
Source: Digital Coin News (digitalcoinnews.net)
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