There is a tense situation in the two countries named Russia and Ukraine, and it has been a while now. In this situation, it is believed that cryptocurrencies like Bitcoin are an essential element of the conflict. As per the report, due to the ongoing war situation, almost 1,200,000 Ukrainians have been shifted to other countries worldwide. They have started to leave Ukraine as soon as possible since February 24, 2022. The government says that there have been 2000 Ukrainian casualties in the war and the human cost of the war is already too much, as of news spy app. Apart from this, the government sources also included no end is visible yet. The situation in Ukraine is getting worse every day, but amid this war, a lot of support has been provided by the whole world to Ukraine.
When the money to the ties or not so strengthened with the whole world because of the destruction being caused by Russia, the cryptocurrencies are coming to be an incredible medium of support. The government of Russia has been asking for help from the people of different nations and the government. Therefore, cryptocurrency has become a novel way for them to get funds from other countries. For example, the Ukrainian government recently tweeted that they can accept donations in cryptocurrencies. Right after the tweet, multiple cryptocurrency companies decided to make donations. As soon as the request was made, almost $50 million would cryptocurrencies were donated to the country.
What More?
To get support from everywhere possible, the Russian government decided to accept cryptocurrencies and NFT. The Ukrainian government decided to announce accepting mint NFT to fund the military operations. As donations in the form of cryptocurrencies are increasing, many concerns are also rising. The country has already got a lot of cryptocurrency donations recently. According to the report from the government authorities, the country has gathered almost more than $70 million in crypto coins itself. Also, anyone from any corner of the world can now pay the Ukrainian government for more than 70 crypto coins. The crypto coins that the Ukrainian government is accepting are available in almost every cryptocurrency exchange worldwide.
The Alarming Situation
When the Ukrainian government decided to accept donations in crypto coins, it did not pay attention to the minus side of these actions. The western world is now waging war against Russia. They are imposing heavy duties and sanctions on Russian transactions, and therefore, the government of Russia is also worried about the same. However, as soon as the Ukrainian government decided to accept donations in crypto coins, the Russian government also got the idea. Therefore, it also started to work faster on its mechanism to accept cryptocurrencies and make them legalized. People from western countries cannot send funds to Russia because heavy sanctions are imposed. Anyone sending money to the Russian cities can be imposed with heavy penalties. Therefore, the Russian government has to develop a solution, and it has done so very quickly in the past few years.
Yes, the situation of the world is not new. The Russian government has been planning to take over Ukraine for a long time. It decided to understand every aspect even before beginning the world. Therefore, before waging war on Ukraine, the Russian government started legalizing cryptocurrencies. It was an action the Russian government took a few months back already. However, as soon as the situation of war was approaching, the speed of the Russian government to legalize cryptocurrency is also increased. Right before the war started, there was a meeting held between the federal government of Russia and the central bank of Russia. They both decided to set up a council that will pay attention more to the legalization of crypto coins.
The council formed newly by the Russian government closely monitors the ill effects and positive aspects of cryptocurrencies on the country's economic prosperity. Therefore, it is not long before the government will be ready to make cryptocurrency is legal in the country. However, it will decline the impact of Western countries' sanctions on Russia. They can accept money in cryptocurrencies and then convert it into Russian currency. The situation will go back to being typical for Russia, and hence, the war may not end so soon.
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