Crypto’s Role in the Russian-Ukraine War: Everything you need to know

PUBLISHED Mar 31, 2022, 1:08:20 PM        SHARE

imgTobi Opeyemi Amure

It is not news that Russia and Ukraine are not on good terms, and the former head of the Soviet Union has gone to war with Ukraine over claims of allegiance with NATO. Russia has received a lot of backlash from the international community over this. In this article, we will be looking at how Crypto has played a pivotal role in the Russia-Ukraine war.

The Russia-Ukraine War

The invasion of Ukraine by Russia has to be the most significant military mobilization in the whole of Europe since world war II. On the 24th of February 2022, Russia’s Vladimir Putin ordered a total invasion of Ukraine.

This invasion was caused by a possible alliance between Ukraine and NATO which Putin sees as a menace to Russia and does not want NATO near its borders and in other former Soviet Union states. His complaints about NATO have grown more recurring as Russia has become stronger in military might. He frequently invokes the specter of American ballistic missiles or combat troops in Ukraine, though the U.S., Ukrainian, and NATO officials insist there are none at all.

The war in Ukraine has unleashed a devastating humanitarian toll and has already taken thousands of lives. According to UN statistics, it's also prompted more than three million people to flee their homes, which is the fastest-growing refugee crisis since World War II.

Mariupol, a city in southern Ukraine, was bombarded by Russian forces. The shelling destroyed many buildings and left hundreds dead or injured; some children were also killed during this strike on March 16th when their schoolhouse became an open-air grave.

Western powers have imposed some of the most challenging economic sanctions ever on Russia in an effort to stop its war against Ukraine. Hundreds of Western businesses—manufacturers, oil companies, and retailers such as McDonald's -- have suspended operations within Russia, turning back time's clock when it comes down to opening up for westward ties with Moscow.

Cryptocurrency: A succor to the Ukrainians

Ukraine, like other countries in the former Soviet Union, had been victims of corruption and severe death of international fundings since gaining independence in 1991. This could be the reason why the Ukrainian Government turned to Cryptocurrencies as a way to help its people. Ukraine says it has received some unusual financial support in its fight against the Russian invasion: Cryptocurrency donations (about 60, 000 donations). Ukraine took it up a notch by passing a law legalizing Bitcoin and other cryptocurrencies. This law grants Ukrainians the right to operate cryptocurrencies and also clearly states the right and duties of all market participants. Ukraine has been able to raise about $50M dollars in donations from countries and individuals all over the world and also did plan to prepare an airdrop to its citizens. Bitcoin, Ethereum, and USDT were mostly the main assets for donation. It was also gathered that the Ukrainian government partnered with the founder of Polkadot and he made a donation of $5 millions worth of DOT to Ukraine.

Also, OnlyFans, donated 500 ETH which is worth approximately $1.3 million to a Ukrainian DAO in the support of its fight against Russia.

JUST IN: OnlyFans has donated 500 #Ethereum ($1.29M USD) to a Ukrainian DAO.-@Watcher Guru

The CEO of Only Fans commented on the situation.

“These tragic events have had a terrible impact on individuals including members of our creator community. Given our strong personal ties to Ukraine, we wanted to support in a way which felt true to who we are at OnlyFans and which focused on getting aid and support to the Ukrainian people.”--CEO, Only Fans.

The Ukrainian DAO also expressed its gratitude on its Twitter page by announcing how much had been raised since the invasion against Ukraine began

2250 ETH / $6.75M USD CONTRIBUTED TO THE UKRAINIAN FLAG NFT Thank you to all who supported our project 🙏 Next steps: POAP for all those who donated to partybid, work with Come Back Alive on safely transferring funds You may still donate ETH directly to ukrainedao.eth https://t.co/GsQBLzHIVK-@Ukraine.eth

Some days back, Ukraine launched an NFT museum to keep memories of the war and also to aid them in the war against Russia. In update today, it was gathered that 1051 NFTs worth more than $500k has been sold.

JUST IN: 🇺🇦 Ukraine's Museum of War has already sold 1051 #NFTs worth more than $500K USD.-@Watcher Guru

The people of Ukraine are not only receiving money from abroad but also fighting for their freedom and independence with spirit. They have shown how much they care about their country by using digital currencies to raise funds needed during conflict times without relying on banks which may cut off lending due to political reasons, this brings a whole new level to wars that even with monetary sanctions, there can still be inflow of money. Ukraine had been calling for crypto donations since Russia invaded their country and Crypto was able to come to the rescue.

Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC - 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) - 0x165CD37b4C644C2921454429E7F9358d18A45e14—-@Ukraine

The founder of one cryptocurrency exchange in Ukraine has been helping to manage donations from donors, according to an email sent by Bornyakov. He said that as part of this endeavor, they'd turned 80% into traditional money while 20% was used with merchants who accept bitcoin already or will do so soon enough - making it possible for people there not only to survive but live comfortably too! The head of the armed forces has announced that they will be purchasing crypto to save lives and stop aggression. "This is the beginning of a new world" This is what he had to say.

Read Also: Will Dogecoin be Beneficial to Elon Musk's Twitter?

Final Note

Today makes it the 36th day of Invasion by the Russian forces. Russia has withdrawn some of its forces from the outskirts of Ukraine's capital, Kjiv to regroup. Some of its troops on the other hand, are still digging in and trying to resist Ukrainian counter-attacks in the capital. There are even speculations that more Russian trips are on their way to Ukraine. Although Crypto has provided some relief to the Ukrainians we are hoping that the issue is resolved between Russia and Ukraine so that everything can go back to the way it was.

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