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Why did Ukraine Legalize Cryptocurrency Amid War Tensions?

The fact that Ukraine has to legalize cryptocurrency amid war tensions shows the need for digital currencies

Ukraine has legalized cryptocurrency amid tensions with Russia and this phenomenon has disturbed global markets in the past week due to international concerns over the possibility of a third world war.

“Ukraine is already in top-5 countries on cryptocurrency usage. Today, we made one more step forward: Parliament adopted the law on virtual assets! This will legalize crypto exchanges and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud,” tweeted Ukraine’s Vice Prime Minister Mykhailo Fedorov.

According to reports, published by blockchain researcher Elliptic, Bitcoin donations have soared to Ukrainian volunteer and hacking groups, which backs the Ukraine government, as fears of more attacks by Russian troops grow. Amid the ongoing war tensions between Ukraine and Russia, international communities are sending support and helping Ukrainians in every way possible. Widespread protests against Russia’s action and calls on national leaders to extend support to Ukraine have been seen. But along with moral and diplomatic support, thousands have donated money in the form of cryptocurrencies to help support the Ukrainian government. Bitcoin donations have soared to Ukrainian volunteer and hacking groups, some of which have supplied equipment to government forces, showing such groups received more than US$550,000 worth of cryptocurrency in 2021.

The report, published by blockchain researcher Elliptic, suggests digital currencies are growing in importance as a funding method for volunteer groups backing Ukraine’s government as fears of attacks by Russian troops massed near its border started to grow. Earlier, Moscow denied planning an attack. Georgieva on Tuesday said unbacked cryptocurrencies will be no match for prudently designed central bank digital currencies (CBDCs). Making a strong case for banning cryptocurrencies, RBI Deputy Governor T Rabi Sankar on Monday said they are even worse than Ponzi schemes and threaten the financial sovereignty of a country. Earlier, Bank of England executive director for financial stability Sarah Breeden also urged firms to be ‘cautious’ about cryptocurrencies.