On Thursday, Ukraine legalized cryptocurrencies, as its international relations have been shaken by concerns about the prospect of a wider war in the past week due to global worries over Russian troops stationed near the Ukrainian border with more than 100,000 troops.
Ukraine is already in the top five countries when it comes to cryptocurrency usage, according to Ukraine’s Vice Prime Minister Mykhailo Fedorov. Today, the Verkhovna Rada adopted a bill on virtual assets! This will legalize crypto exchangers and cryptocurrencies in Ukraine, allowing citizens to safeguard their property from fraud or abuse.
According to a study revealing that volunteer and hacking organizations in Ukraine have received more than $550,000 worth of bitcoin since 2021, bitcoin donations have increased to Ukrainian volunteer and hacking groups. Some of these groups have given equipment to the government forces.
According to a study published by blockchain researcher Elliptic, digital currencies are gaining in popularity as a funding source for volunteer organizations that support Ukraine’s government as fears of a Russian invasion near its border rise. Moscow denies any intention of an invasion.
In 2020, the organizations raised a cryptocurrency valued at just $6,000. Elliptic said
Cryptocurrencies allow individuals and organizations to raise money even if banks refuse or place strict restrictions on the transfer of funds.
“Cryptocurrency has shown to be a sturdy and developing alternative (to traditional money) – especially when it comes to international donatations,” Elliptic said.
Ukraine increased checks in 2020 to prevent money laundering, restricting some domestic cash transfers because to ID verification. According to the Ukrainian National Bar Association, cross-border transfers are also under regulatory watch.
For banks and government organizations, Elliptic keeps track of cryptocurrency transactions on the blockchain.The report claims that one organization, Come Back Alive in Kyiv, began accepting crypto in 2018 and amassed nearly $200,000 in cryptocurrency throughout the second half of 2021.