March 22, 2023<\/p>\n\n\n\n
By Anjali Kochhar<\/p>\n\n\n\n
The World Economic Forum (WEF) believes<\/u><\/a> that cryptocurrency has played a prominent role in the Ukraine war. In an article, published last week, the organization reiterates that as the conflict enters its second year, over $212 million worth of crypto has been donated to pro-Ukrainian war efforts, according to Elliptic, a blockchain analytics firm. This includes roughly $80 million worth of crypto going directly to the Ukrainian government.<\/p>\n\n\n\n Crypto funds have been used to support a variety of war efforts<\/u><\/a>, according to Ukrainian officials and government fundraising sites. Purchases range from bulletproof vests and helmets<\/u><\/a> to demining equipment<\/u><\/a> and drones<\/u><\/a>. Other crypto donations have been spent on support materials like medical supplies and radios<\/u><\/a>.<\/p>\n\n\n\n \u201cThe people of Ukraine are grateful for the support and donations from the global crypto community as we protect our freedom.\u201d\u2014 Ukrainian government on Twitter, May 2022<\/p>\n\n\n\n The decentralized nature of crypto allows digital currencies to be traded quickly, making them a useful tool for getting money into conflict and disaster zones<\/u><\/a>.<\/p>\n\n\n\n \u201cAn important benefit of these emerging technologies is the ability to mobilize, organize and deliver very quickly,\u201d said Brynly Llyr, Head of Blockchain and Digital Assets at the World Economic Forum. \u201cWe\u2019ve seen this play out in real time in Ukraine where you saw millions of aid delivered in a day.\u201d<\/p>\n\n\n\n Chainalysis, another major blockchain analysis firm, reported that in the first month of the war, the Ukrainian government received<\/u><\/a> more than $56 million in crypto donations. Most of the donations, Chainalysis found, have been made in bitcoin and Ethereum.<\/p>\n\n\n\n Non-fungible tokens (NFTs), which are unique digital assets generally created in a blockchain, have also been used to support the war efforts. For example, Ukraine DAO<\/u><\/a>\u2014a decentralized autonomous organization (DAO) set up to harness \u201cthe power of Web3 tech and community to defend Ukraine,\u201d according to the online collective\u2014auctioned off a Ukrainian flag NFT<\/u><\/a> for $6.75 million.<\/p>\n\n\n\n Crypto is also being used to support Russia, albeit to a lesser degree. Chainalysis reported that roughly 100 pro-Russian groups have raised around $5.4 million worth of crypto over the past year. Meanwhile, Elliptic found that total pro-Ukrainian crypto fundraising since the war began to top pro-Russian funding by 44 to one.<\/p>\n\n\n\n In 2022, Ukraine ranked third in Chainalysis\u2019 Global Crypto Adoption Index<\/u><\/a>; Russia ranked ninth. Both countries, which experienced significant inflation and economic distribution<\/u><\/a> because of the war, saw increases in crypto transfers immediately following the invasion, Chainalysis found.<\/p>\n\n\n\n \u201cThe war has affected virtually all aspects of life in the two countries, and cryptocurrency is no exception,\u201d said Geography of Cryptocurrency Report 2022, Chainalysis.<\/p>\n\n\n\n About the author<\/strong><\/strong><\/p>\n\n\n\n Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":" March 22, 2023 By Anjali Kochhar The World Economic Forum (WEF) believes that cryptocurrency has played a prominent role in the Ukraine war. 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