Research Confirms Cryptocurrency fueling the war between Russia and Ukraine

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3 months ago - 2 minutes read

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Research Confirms Cryptocurrency fueling the war between Russia and Ukraine

Since the conflict between Russia and the Ukraine broke out just over a year ago it was long suspected that Cryptocurrency was playing a role in fueling weapons purchases to aid military advancements. Ukraine managed to raise $US54 Million in donations through Bitcoin that has contributed to it's financial needs.

This marks the first time in history that Crypto currency has been used in a means outside of it's initial phase of "speculation" the ability for people around the world to effortlessly and efficiently organise and send wealth across boarders outside of the mainstream banking system is virtually unheard of especially in this capacity.

Even Gavin Wood the founder of Polkadot poured in an impressive $US5.8 Million worth of his token to Ukraine to support the nation in it's fight against Russia.

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Russian Use of Crypto Currency

While Ukraine has utilised digital assets to advance it's military position Russia to has been circumventing sanctions by use of Crypto Currency which indicates the west's efforts in sending the nation broke in the current world is near impossible.

A recent report published by Elliptic provides a number of clear examples how Pro-Russian groups are organising through Telegram to fund raise mainly in Bitcoin and Ethereum.

These funds are too used to purchase military equipment both lethal and non-lethal weapons in an attempt to support Russian efforts in Ukraine. The messages on Telegram are often linked to Crypto wallets and outline what each of the established donation wallets are going towards.

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Ukraine formally accepts Crypto

Ukraine itself has formally accepted Crypto as a means of donation listing all the item's thus far purchased with the digital assets flooding into the nation and thanked Crypto enthusiasts for their donations.

So much has Crypto been progressed in Ukraine that the nation has established a DAO as part of it's official treasury and in doing so becoming the first nation on the planet to implement Crypto in such a manner surpassing El Salvador's Bitcoin legal tender laws.

While the conflict continues to rage on between Russia and Ukraine and there is no end in sight, we're starting to see the extent to which Digital assets are being utilised on both sides of the conflict to further drive each others military needs.

This is something all nations across the world now need to be mindful of as they undertake planning for future conflicts as sanctions no longer provide the ability to starve out their opponents. With Crypto accounts and wallets able to be quickly created they will be near impossible to shut down and will add an entire new means for separatists and gorilla warfare tactics to rage on longer.

Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

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