Russian-Ukraine War: Ukraine Opens War Fundraising With Polkadot Wallet
As the world throws the weight of support behind Ukraine, Polkadot founder, Gavin Woods pledges support of $5 million DOT to Ukraine. On Tuesday, Ukraine added to its cryptocurrency fundraising efforts by launching a Polkadot wallet. The action comes after Polkadot CEO Gavin Wood offered a $5 million donation to the Department of Transportation. According […]
The US Treasury Department has added digital currencies to its list of sanctions on Russia’s government
Crypto transactions were likened to “deceptive or contrived transactions or deals” in an attempt to dodge US sanctions, according to Treasury Department rules. The Treasury Department and, according to reports, the White House have issued a warning to US-based businesses and people not to support crypto transactions addressed to specified Russian nationals and banks. U.S. […]
The President of Ukraine has appealed to cryptocurrency exchanges to block Russian accounts
Ukraine’s administration has continued to request that Russia be subjected to harsher sanctions. Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, has urged cryptocurrency exchanges to freeze addresses linked to Russia and Belarus. Ukraine is concerned that cryptocurrency may reverse Russia’s sanctions. In a tweet , Federov stated that it had become necessary to undermine not only officials in both countries but also their population. I’m asking all major crypto exchanges to block addresses of Russian users. It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users, Federov said. The international community has been working to put pressure on Russia to stop its invasion of Ukraine. Several steps have been taken by the United States and European Union (EU) countries to impair Russia’s economy. The assets of Russia’s central banks have been frozen, and Russian domestic institutions have been barred from using the international financial messaging system SWIFT. However, there have been concerns that Russia’s government, banks, and billionaires may use cryptocurrency to easily circumvent sanctions. This is especially true given that blockchain technology is designed to be permissionless and impartial in such scenarios. According to market analysts, Russia could easily develop instruments to allow it to trade using cryptocurrency. If other countries agree to trade with it, the CBDC Russia is planning to launch could aid in sanction evasion. At this time, no major cryptocurrency exchange has stated that it intends to penalize Russia or Belarus. The sole crypto exchange to respond to Federov’s call for action was DMarkets, a Ukrainian NFT marketplace. The NFT marketplace announced that members from both countries’ accounts will be frozen, with the asset potentially being donated to the war effort. The current fight is still swaying Bitcoin and altcoins. Since the ear, the crypto market has experienced a huge decline in value. In the last week, Bitcoin has lost 2.11 percent of its value. It’s currently trading at $38,400, down 1.43 percent on the day. Other cryptocurrencies have also witnessed large declines in value, with the crypto market valuation plummeting by more than $200 billion. The market capitalization is at $1.8 trillion, down 1.1 percent from the previous day. However, cryptocurrency has been essential in supporting Ukraine. Crypto donations to help Ukraine’s troops and citizens have topped $18 million. Key cryptocurrency industry participants have also shown their support for Ukraine. Despite being a Russian, Vitalik Buterin has indicated that he supports Ukraine. TRON’s founder, Justin Sun, has also given donations to the country. Elon Musk, a long-time backer of Dogecoin, has aided Ukraine with Starlink satellites to maintain internet availability.
As local NFT artists paintings sell out, the cryptocurrency community rallies around Ukraine
Crypto and NFT artists from all around the world are banding together to help the people of Ukraine get through these trying times. Crypto aficionados from all around the world appear to be uniting in support of Ukraine as it fights off a full-scale Russian invasion. Bitcoin (BTC) donations to Come Back Alive, a non-governmental […]
Apple Pay to end support for Russian banks sanctioned for war in Ukraine
Apple Pay and Google Pay will no longer be available to users of these banks’ debit and credit cards, according to the central bank, however contact and contactless payment will remain available throughout Russia. On the first day of Russia’s invasion of Ukraine, Russians took out nearly $1.3 billion from banks, the highest amount since […]