BLUF
The US and most other wealthy countries (China being a significant exception) are applying some of the severest economic sanctions—ever used—against Russia because of its invasion of Ukraine.Summary
This article by Victoria Ticha, writing for UNSW Newsroom, makes the following points:
- Russian separatists and Ukrainian militias have used social media to fund their causes via global cryptocurrency donations.
- To date, data by blockchain tracking firm Elliptic shows cryptocurrency investors have donated more than $US57 million worth of digital assets to the Ukrainian government and a non-profit agency supporting the country’s military.
- There are growing concerns that Russia might use crypto to circumvent sanctions, as it has one of the highest crypto adoption levels in the world.
- While some speculate that cryptocurrency alone will not save Russia from the sanctions, others believe it could, despite it being costly and requiring assistance from third parties.
References
Recent Runway Posts related to this topic:
- RUSSIAN-UKRAINE CONFLICT—RAAF RUNWAY COLLECTION
- RAAF RUNWAY: RATIONALE, GUIDELINES, LEARNING OUTCOMES, ETC.
References from the Web:
- MAR 2022 Cryptocurrency Donations Pour Into Ukraine. This Week in Bitcoin and Crypto News—Cnet
- MAR 2022 The Russia-Ukraine conflict has thrust crypto into the spotlight and raised 3 big questions—CNBC
Source Information:
- Article Source: University of NSW Newsroom (UNSW Newsroom)
- Media Check: UNSW Newsroom Publications - Media Bias Fact Check not available
