Ukrainian armed forces funded with cryptocurrencies?
As indicated in a report by the analyst firm Elliptic published earlier this month, the armed forces of Ukraine had already turned towards crowdfunding and cryptocurrencies these last months. For the year 2021 alone, crypto donations had increased by 900% compared to the previous year:
Evolution of cryptocurrency donations sent to Ukraine – Source: Elliptic
This is notable, because the fighters from Ukraine may face limitations, with a central bank which yesterday applied restrictions in terms of withdrawals from banks. In general, cryptos make it possible to circumvent this type of problem, according to the report:
” Bitcoin (BTC) also emerged as an alternative method of financing on a large scalewhich allows international donors to evade financial institutions that block payments to these groups [militaires]. »
? Find our guide – How to buy Bitcoin (BTC)?
$400,000 raised in one day
And it accelerated this week. As the world woke up flabbergasted yesterday, reactions were quick to come, and cryptocurrency donations poured in. The latter aim to support the armed forces of Ukraine, which are facing the greatest aggression on European territory since the Second World War.
According to Tom Robinson, the founder of Elliptic, the cryptocurrencies sent yesterday rrepresent an amount of 400,000 dollars :
Cryptocurrency donations in support of the Ukrainian armed forces are soaring – with almost $400,000 received so far today.
Learn more about the crypto-crowdfunding of the Russo-Ukrainian War, in this recent @elliptic blog: https://t.co/aTRwTsOkTj pic.twitter.com/Wefb7jRRdW—Tom Robinson (@tomrobin) February 24, 2022
For comparison, the organization Come Back Alive, which provides equipment to the Ukrainian army, received $200,000 in Bitcoin for the entire second half of 2021.
The use of crowdfunding is not new for Ukrainian organisations. They got started in 2014when President Viktor Yanukovych was removed by the Maidan revolution.
The subject of cryptocurrencies was in any case invited into the Russian-Ukrainian war. While Joe Biden has promised unprecedented financial sanctions against Russia, some wonder if Vladimir Putin would not have established a strategy based on thesein order to circumvent the problem.
? Related – Russia Threatens To Seize Russians’ Savings If Funds Abroad Are Frozen
Source: Elliptical
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About the Author : Marine Debelloir
Deputy editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
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