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- Since the adoption, the Ukrainian government has received more than $10 million in cryptocurrency donations from around the world to help it fight the conflict. Several NGOs in the nation have also set up crowdfunding accounts and have received cryptocurrency worth millions of dollars from individual and institutional supporters from around the world in the last few days.
- The value of the country’s official currency, the ruble, has suffered as a result of the upheaval. The ruble has plummeted by more than 60%, reaching a fresh low of less than one US cent earlier today.
- The prominent cryptocurrency price tracking platform, bitcoin is now the world’s 14th largest currency, with the Russian ruble sliding to 18th position.The cryptocurrency has been commended for its ability to deliver payments to various parts of the world in record time, with little transaction fees. The Ukrainian government recently decided to capitalise on the potential of the digital asset and passed legislation making Bitcoin and other cryptocurrencies legal in the country.
The top cryptocurrency in the market, Bitcoin, has lately overtaken the Russian ruble in the list of the world’s largest currencies by market size, despite the ongoing war and many sanctions imposed on Russia. According to live statistics from CoinMarketCap, the prominent cryptocurrency price tracking platform, bitcoin is now the world’s 14th largest currency, with the Russian ruble sliding to 18th position.
Sanctions Have Caused The Value Of The Russian Ruble To Plummet
Following Russia’s invasion of Ukraine, a number of countries throughout the world have put economic sanctions on the country. The United States, the European Union, the United Kingdom, and Canada have all taken significant moves to impair Russia’s economy. The EU, US, UK, and Canada have removed many Russian banks from the Swift international payments system.This approach aims to restrict these banks from doing international transactions, effectively halting the country’s imports and exports.
The value of the country’s official currency, the ruble, has suffered as a result of the upheaval. The ruble has plummeted by more than 60%, reaching a fresh low of less than one US cent earlier today.
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Ukraine Is Using Bitcoin To Make Payments
During the continuing conflict between Russia and Ukraine, Bitcoin’s popularity as a means of facilitating cross-border payments has reached new heights. The cryptocurrency has been commended for its ability to deliver payments to various parts of the world in record time, with little transaction fees. The Ukrainian government recently decided to capitalise on the potential of the digital asset and passed legislation making Bitcoin and other cryptocurrencies legal in the country.
Since the adoption, the Ukrainian government has received more than $10 million in cryptocurrency donations from around the world to help it fight the conflict. Several NGOs in the nation have also set up crowdfunding accounts and have received cryptocurrency worth millions of dollars from individual and institutional supporters from around the world in the last few days.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
