On Thursday, Ukraine legalized cryptocurrencies even as its tensions with Russia have disturbed markets globally in the previous week because of global concerns over the prospect of a wider war with over 100,000 Russian troops near the Ukrainian frontier.
In a Tweet, the Ukraine Vice Prime Minister Mykhailo Fedorov said that the country is already in the top 5 nations on crypto usage. They have taken one more step forward: Parliament adopted the law on virtual assets! This will legalize cryptos and cryptocurrency exchangers and Ukraine could safeguard its assets from possible fraud or abuse.
Bitcoin donations have increased to Ukraine volunteer and hacking groups, some of which have provided tools to government forces. As per a report, such groups received more than $550,000 worth of crypto in 2021. A report published by a blockchain researcher proposes digital currencies are developing in importance as a funding method for volunteer groups supporting Ukraine’s government as fears of an attack by Russian troops, massed near its border grow. Moscow denies planning an attack.
In 2020, cryptocurrency worth $6,000 was raised by the groups. Cryptos can be sent and received anonymously, allowing organizations to raise money even if financial companies do not allow – or impose strict checks on – transfers of funds.