The Russia-Ukraine conflict has been regarded as Europe's largest single-state attack since World War II. While the violence continues, cryptocurrencies have emerged as a major motif in the conflict, with crypto donations pouring in to help Ukraine.
Russian armies attacked Ukraine, a neighboring European country, on February 24, 2022. While Russian President Vladimir Putin classified the invasion as a "special military operation," the Washington Post says that over 2,870 Ukrainian troops have been killed and over 3,500 have been injured.
Civilians and soldiers seek refuge during the Russia-Ukraine conflict.
Soldiers and civilians take cover. Aljazeera is the source.
According to Aljazeera, Russia spent $61.7 billion on its military in 2020, making it one of the world's largest and most formidable militaries. To put things in perspective, that's 32.4 percent – $46.6 billion ($19.15 trillion) - more than Nigeria's total budgets for 2019 and 2020.
Ukraine, on the other hand, spent $5.9 billion (2.4 trillion) in the same year on its military. Because of Russia's military dominance, other countries have sent military equipment to Ukraine. It got weapons supplies from the United States as part of a $200 million defense plan agreed by US President Joe Biden in December 2021.
Cryptocurrency support, on the other hand, has been pouring in for the Eastern European country. According to CNBC, the bitcoin donations received in the last week are worth $54 million. But what does this mean for the cryptocurrency market, adoption, and regulation around the world?
What impact do crypto donations have on the cryptocurrency market, adoption, and regulation in Ukraine?
Crypto evangelists have taken advantage of the chance to underline the benefits of cryptocurrencies and how those who oppose digital currencies have misunderstood them as a result of the crypto donations to Ukraine.
"Ukraine has gotten $50 million in crypto donations," crypto trader and investor Scott Melker tweeted. "Perhaps it's not just for criminals," she says, referring to how countries have incorrectly labeled crypto as a tool for unlawful activity.
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Images Credited to Google Image search.
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