As big tech companies deactivate Russia from their financial systems and Swift begins to kick-off, there’s one option – cryptocurrency. Photo: REUTERS/Benoit Tessier/Illustration
EVER since cryptocurrencies showed up in the financial world they’ve been met with scepticism from some quarters. Even the Coinbase listing was not enough to clear doubts of some in the financial establishment. The Russia-Ukraine war, however, might be what could trigger societal acceptance across the board.
As big tech companies deactivate Russia from their financial systems and Swift begins to kick-off, there’s one option – cryptocurrency.
Blockchain technology gives the Russians the ability to transact directly.
Ukrainians have raised tens of millions of dollars in cryptocurrency to assist in the fighting. Ukraine's vice prime minister announced on Twitter that the country would soon release NFTs to help raise funds for its defence against Russia's invasion.
Ukraine has raised more than $50 million (about R760 million) in cryptocurrencies, according to data from Elliptic. The tens of thousands of donations included a $200 000 CryptoPunk NFT and a $5.8 million gift from Polkadot founder Gavin Wood. Donors have been sending crypto in the form of bitcoin, ether, and even meme tokens like dogecoin and digital pieces of art known as NFTs.