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- As per a news agency, a 20-year refugee escaped Ukraine, and only wealth he had on him was a pen drive holding Bitcoin.
- Ukrainian goes by title Fadey, is not only individual to conduct this type of activity, as several folks are getting dependent on cryptocurrency.
- With more than 3.5 million refugees going from Ukraine to Europe, accessibility to funds is a major issue.
A Light At The End Of The Tunnel
As per a report offered by a news agency, a 20-year old refugee escaped Ukraine, and only funds he was able to pull with him was a flash drive holding his Bitcoin.
Ukrainian boy, going by title as Fadey, is not only individual who is trying to get away with digital assets as numerous folks are getting heavily dependent on cryptocurrencies amid this chaotic situation and are trying to cross European borders.
Because of problems at financial institutions and lengthy ATM queues at ATMs, many folks are not able to get their hands on their funds. However, Fadey somehow managed to do a peer-to-peer Bitcoin transaction with a friend against złoty (polish currency) worth $600. This money was utilized to acquire a bus ticket in Poland.
Fadey gave his statement to a news agency, saying, he was not able to withdraw cash in the nation due to heavy queues outside ATMs, and there wasn’t any time at all, referring to present circumstances.
This sheds light on conflict that decentralized assets are able to give green light to folks escaping this war. When centralized system is in ashes, basic requirement remains an internet connection and a piece of paper having a seed phrase written on it.
Even the ones who withdrew their fiat money through ATMs, are limited to $33 per transaction, which is not applicable to cryptocurrency.
Ukraine stands at top with respect to crypto adoption in Europe, which has become a lifesaver for citizens at present.
For each cryptocurrency whale we research and read about, there are a myriad of folks just like Fadey. Folks to whom a few thousand dollars acts as a difference among life and death.
Embracing Cryptocurrency
Ukraine is also welcoming cryptocurrency with a warm hug, especially at a government level. As of now, a lot of helping hands have emerged containing crypto assets to offer victim nation, and it have accepted and made use of it to tackle this anarchist approach conducted by Russia.
Bitcoin ATM in border nations have enabled those fleeing Russian invasion in Ukraine, to get accessibility to their funds as soon as they are in a safe zone. It will be a great experience to see more Bitcoin ATMs, but their existence remains skeptical amid being banned in United Kingdom.
With more than 3.5 Million folks trying to mobilize themselves from Ukraine across Europe is a big rock on this road. As the times have changed, cryptocurrency is not just a vehicle for investment, but is acting as a hope for many during hard times, be it a pandemic or this cruel approach organized by Russian Nation.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
