Crypto Market has been thrown into the spotlight as the Russia-Ukrain Conflict escalates

Crypto Market has been thrown into the spotlight as the Russia-Ukrain Conflict escalates

There’s been a lot of economic turbulence since the Russia–Ukraine conflict escalated. While the stock market trade had been crumbled quite rapidly the crypto market was spotlighted for financial purposes. It looks like crypto is going to be a part of this war since it has been considered by both Russians and Ukrainians to support themselves in this wartime. Tons of dollars of digital currency have been transferred to Ukraine’s support team and fighters whereas Russia claimed to use crypto as a way to avoid the slew of strong sanctions imposed against it from the U.S.

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The Ukraine government has come up with a law to legalize crypto exchanges and cryptocurrencies. This country ranked 4th in the recent cryptocurrency Global index report as per Chainlysis studies. At the same time, many Russian oligarchs are turning to crypto to move their money around. However, as far as the Russian case is considered, experts claim that using crypto as a means to avoid sanctions is highly challenging for Russia. They say that the traceable nature of crypto and the lack of liquidity for Russian autocrats can make it troublesome to use. “The scale that the Russian state would need to successfully circumvent all U.S. and partners’ financial sanctions would almost certainly render cryptocurrency as an ineffective primary tool for the state,” said Carol House, the director of cybersecurity for the National Security Council, during a webinar on Wednesday.

Whereas, Ukraine started a project involving cryptocurrency blockchain platform’s collaboration with its government called ‘Aid for Ukraine’ to help the country’s military. It started with accepting Bitcoin as donations and now, it expanded to dodgecoin, etherum, NFT donations, etc. Russia is also finding ways to use crypto to avoid sanctions though experts claimed its tough and challenging. Thus, crypto has a prominent role playing in this war time from the ends of both the parties.

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