Home Bitcoin IMPACT OF CRYPTOCURRENCIES ON THE WAR IN UKRAINE

IMPACT OF CRYPTOCURRENCIES ON THE WAR IN UKRAINE

by edutechbuddy
4 minutes read
IMPACT OF CRYPTOCURRENCIES ON THE WAR IN UKRAINE

Society has been going through a series of changes that, in one way or another, have made people transcend; from the Blockchain technology perspective, there have been many advances that have allowed today to develop more comfortably and efficiently various processes of daily life.

The sectors that have benefited on a larger scale in the financial sector, without a doubt, since investments are now available to everyone globally.

Operations and financial transactions can be carried out from anywhere globally that contribute to the saving and investment of current assets available to individuals and companies.

That is why people seek, in one way or another, to protect their money in CRYPTOCURRENCIES in the event of any social change that would not allow them to mobilize their capital, such is the case of the war situation between Russia and Ukraine are going through.

The consequences that this conflict between the two countries has generated are not only of a political-geographical nature; the fact is that it encompasses more sectors such as the financial and economic sectors of both nations.

A war that promotes cryptocurrencies

Cryptocurrencies do not stop surprising the financial world; they increasingly demonstrate the qualities and characteristics that allow them to stand out and differentiate themselves from the traditional economic and monetary system.

Digital currencies have served these two countries as financial tools to avoid falling into a general crisis.

promotes cryptocurrencies

During the first months of the year, Russia demonstrated an aggressive stance against cryptocurrencies, wanting to eliminate operations and transactions through these currencies.

What nobody expected was that this western nation was going to change its attitude after cryptocurrencies served as a means of exchange and commercial payment of the country’s obligations.

So much has been the use and the benefits they have obtained that the Russian Ministry of Finance is looking for cryptocurrencies to be considered legal tender, guaranteeing that the operations carried out through them are supported and legal throughout the territory.

In a way, all these actions have played an essential role in the performance of cryptocurrencies in general, as was the news of the Russian invasion of Ukraine.

In the first months of the year, one event after another has not allowed the price of BITCOIN and other digital currencies to stabilize.

On the other hand, we found that the counterpart of this war, Ukraine, had already begun to take steps regarding the legalization of cryptocurrencies, achieving even before the conflict the legalization of cryptocurrencies.

With the passing of days in the whole confrontation, cryptocurrencies took on a position of an economic lifeline. Ukraine began to receive donations that will somehow allow it not to decline financially.

While Russia received the financial and economic blockade measures as a result of the attacks on Ukraine, it was there where the use of cryptocurrencies had an effect, where economic activities could continue, only using Bitcoin as a payment method instead of fiat currencies.

The critical piece in the war is cryptocurrencies.

An armed conflict does not lead to anything positive; on the contrary, they are invaluable loss in human lives and housing, economy, production, and countless other aspects that make up the society of a country.

When bottoming out, the ideal solutions for each problem are found; from all these situations, cryptocurrencies have managed to position themselves even more as a financial tool that can contribute to the exponential development of a nation and its citizens.

So much so that the Ukrainian government has the faithful conviction of rebuilding the country using Blockchain technology.

The entire panorama is preparing for cryptocurrencies with a legal framework that supports them. Many countries can take this new economic model intended to be established in the not too distant future as a reference.

Although many positions arise every day worldwide, it is a fact that no platform allows financial transactions to be carried out in a reliable and decentralized manner as Blockchain.

Conclusion

This war between Ukraine and Russia has made it possible to visualize the impact of cryptocurrencies as a means of value different from traditional currencies. However, the most exciting thing is that the same entities involved have carried out the operations.

Financial institutions may fear a new protocol for financial operations, but it is a matter of advancing and adapting to technology and its advances; economic stability must belong to everyone and not just one part.

 

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