- These monies were available to the Ukrainian military in minutes, not weeks, unlike the backing provided by nations throughout the world. People might view bitcoins as a possibly life-saving method for getting away from calamities. A computer programmer from Lviv claimed that Bitcoin had helped him avoid the fighting.
- As a result, we now have cryptocurrencies that are just as accessible to charity attempting to save lives in disasters as they are to drug cartels, gun dealers, and gangsters.
- Russians, on the other hand, have access to the same tools for quickly moving significant sums of money. With the conventional economy being hit hard by sanctions, billionaires and ordinary people alike are looking for new methods to move money around and dodge the mechanisms geared at cutting Russia off from global finance flows.
Is the conflict in Ukraine proof that cryptocurrencies play an unprecedentedly important role in humanitarian disasters, or that they are utterly uncontrollable The Ukrainian government tweeted a call for funds in Bitcoin (BTC), Ether (ETH), and Tether (USDT) shortly after the Russian invasion of Ukraine began (USDT). According to Michael Chobanian, founder of Kyiv-based Kuna Exchange and president of the Blockchain Association of Ukraine, who updates his Twitter account on a regular basis, the amount received has already surpassed $60 million.
A Potentially Lethal Question
These monies were available to the Ukrainian military in minutes, not weeks, unlike the backing provided by nations throughout the world. People might view bitcoins as a possibly life-saving method for getting away from calamities. A computer programmer from Lviv claimed that Bitcoin had helped him avoid the fighting. He was able to transfer all of his savings and cross the border to Poland, where he now volunteers to help Ukraine win the digital war by fighting internet propaganda and urging Russians to speak out, despite cash machine restrictions and long lines at banks.
Russians, on the other hand, have access to the same tools for quickly moving significant sums of money. With the conventional economy being hit hard by sanctions, billionaires and ordinary people alike are looking for new methods to move money around and dodge the mechanisms geared at cutting Russia off from global finance flows. Cryptocurrencies have a role in this.
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Control Of Cryptocurrency Has Already Been Having An Effect
Is this just the way the beast is? Is crypto by nature value-neutral? Is there a method to combine the quick digital mobility of funds that cryptocurrencies provide under harsh situations with the ability to apply restrictions?
To a large portion of the crypto community, even asking the question is poison. They would argue that the whole point of distributed ledger technology is that no central authority can be trusted to implement and maintain controls in a consistent and ethically acceptable manner for all. Morality is relative in today’s post-modern world. My ethically correct viewpoint could easily offend or alienate someone else. Nobody, including the world’s best thinkers, has yet to find a suitable solution to this ethical impasse. As a result, we now have cryptocurrencies that are just as accessible to charity attempting to save lives in disasters as they are to drug cartels, gun dealers, and gangsters.
Source: https://www.thecoinrepublic.com/2022/05/07/the-invasion-of-ukraine-demonstrates-the-necessity-for-crypto-control/