This war has also increased the need to regulate the crypto segment.
Many Russian citizens are using crypto to save their money
Ukraine receives funding from abroad in cryptocurrencies
Russia's currency ruble has declined significantly due to tough sanctions
The digital war has also erupted between Russia and Ukraine for the last one month.
Ukraine is continuously receiving large amounts of crypto donations and the country has also enacted many new laws regarding this.
Ukraine's Ministry of Digital Transformation is using social media extensively to inform the world about Ukraine's interests.
Now, more than $100 million have been raised this way since a Ukrainian government official tweeted about accepting aid from abroad via cryptocurrency as well.
With this fund, the Ukrainian army is being helped to buy the necessary equipment.
The Ukrainian government says that the amount received in cryptocurrencies is much less than the funds given by international agencies.
However, the absence of intermediaries enabled her to receive funds from cryptocurrencies very quickly.
It takes several days for funds from bank transfers to reach the accounts of the Government of Ukraine.
Funds are received from cryptocurrency within a few minutes.
This shows the importance of cryptocurrencies for countries whose financial and economic systems are weak.
Some negative aspects of cryptocurrencies have also been seen during this war.
It is being told that despite the sanctions imposed by many countries on the Russian banking system, many Russian citizens are using cryptocurrencies to save their money.
Keeping funds in cryptocurrencies is helping these people avoid losses due to the steep fall in the value of the Russian currency, the ruble.
This method can also be effective for the Russian government, companies and big businessmen.
However, the war between Russia and Ukraine has also increased the need to regulate the crypto segment.
For this, different countries will have to consider creating a balanced framework.
Its goal should be to minimize the possibility of cryptocurrency being used as an illegal way to evade sanctions while maintaining its efficiency.
In many countries including America, work is being done on making laws for the crypto segment.
Having balanced regulations for cryptocurrencies can help reduce its misuse and increase its efficiency.