'On Cryptocurrency & War ' decentralizedinternet quicknode
Alex Bornyakov, Deputy Minister of Ukraine’s Ministry of Digital Transformation, believes that in times like the existing crisis, a quick response time is crucial, which cryptocurrencies are able to fulfill,
However, whilst cryptocurrencies offer faster transaction times, not all businesses accept crypto as a payment method. Currently, the Ukrainian government converts the donated cryptocurrencies into dollars or euros through Ukrainian exchange, which it has partnered with to also act as a custodian of the funds. So for firms that do not accept cryptocurrencies as a payment method, the crypto assets are sent via Kuna into the conventional banking system for onward payment.
In any event, Russia’s embargoed but wealthy persons of interest could also instead divert money through smaller cryptocurrency exchanges with fewer compliance protocols or scrutiny. Taking it further, these exchanges might even be cooperating with the interested persons and/or their money-laundering or ransomware schemes. In 2021, the US already sanctioned 2 exchanges on allegations of facilitating ransomware transactions.
But as cryptocurrencies can be sent peer to peer, even if it is decided to regulate cryptocurrencies, the next logical dilemma would be how to implement these sanctions. In Ukraine, Bornyakov has started to reach out to major cryptocurrency exchanges encouraging them not to work with Russian customers temporarily. According to Bornyakov, some exchanges have indeed stopped working with or have limited their activity with Russia. Yet, according to Investors.
In the past, wars were fought through actual physical combat. With the development of military technology, this turned into wars fought over distances with long-range missiles and more dangerously in some cases, nuclear weapons. The tragic and senseless cost to human lives is something that is still very fresh in our minds, if not still being experienced by many across the globe.
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