Russia-Ukraine War : People from around the world are sending bitcoin and other cryptocurrencies to finance Ukrainian forces against Russia as the country crowdfunds to support its war efforts.

New Delhi (ABC Live India): The bitcoin and other cryptocurrencies are under great stress nowadays after continued rallies, the ABC Research team tried to find the geopolitical reasons for present recessions of bitcoin and other cryptocurrencies.

After doing primary research the ABC Research team found a current geopolitical reason linked with recessions of bitcoin and other cryptocurrencies is eminent threat of Russia-Ukraine war and for understanding the same referring a article published by Oilprice.com for readers to understand the geopolitical horizon of bitcoin and other cryptocurrencies.

Elliptic Ltd a London-based blockchain analysis provider’s Chief Scientist Tom Robinson states, “Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments.” Demonstrating perhaps the first example of crypto being used in such away.

Robinson further explains the benefits of crypto over other types of currency in funding voluntary efforts, “Cryptocurrency is particularly suited to international fundraising because it doesn’t respect national boundaries and it’s censorship-resistant — there is no central authority that can block transactions, for example in response to sanctions.”

As per oilprice.com people from around the world are sending bitcoin and other cryptocurrencies to finance Ukrainian forces against Russia as the country crowdfunds to support its war efforts.

 Having developed a burgeoning crypto market, Ukraine is now using its experience with digital currency to enhance its military and online capabilities. 

 According to a report by Elliptic, over $570,000 of cryptocurrency has flooded into voluntary organizations and NGOs in Ukraine to help provide the army with military equipment, medical supplies, and drones.

In addition, funds are supporting the development of a facial recognition app to identify whether someone is a Russian mercenary or spy. The fact that crypto can be sent anonymously, without strict checks, makes it easier to transfer funds across borders.

The Ukrainian Digital Ministry is so confident about the country’s place in the international digital currency market that it has set the objective of doubling the percentage that tech contributes to the national GDP from 5 percent to 10 percent. It also expects to double the number of people employed in tech to 500,000.

And now new companies are cropping up to try their luck at the Ukrainian crypto market. Major cryptocurrency exchange Binance is preparing to launch a new crypto-payment card in Ukraine, which would place it as a dominant position. The company’s general manager Kirill Khomyakov stated, "Binance card is not yet available for Ukrainian users, but we are actively working on its launch. This is one of our top priorities for 2022."

Over the last year, Ukraine has worked hard to establish itself as a cryptocurrency hub thanks to the recent legalization and regulation measures taken surrounding digital currencies. It has been developing its pool of tech workers and expects to establish itself as a crypto hub in Europe in the coming years. However, cryptocurrencies have become even more vital to Ukraine’s economy in recent months as the threat of invasion from Russia has led individuals and companies from around the world to send funds to voluntary and government-associated groups to help them prepare. This could be the first example of cryptocurrency being used to support a war effort as well as to form an integral part of the national economy.

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