Cryptocurrency bigwigs call for using cryptocurrencies to support Ukraine and Russia, can they evade sanctions?

Since the end of last month, many people in the cryptocurrency circle who opposed Russia’s invasion of Ukraine have raised funds by issuing non-fungible tokens (NFTs) or establishing decentralized autonomous organizations (DAOs) to finance the Ukrainian government or for humanitarian aid; soon Ukraine The government is also accepting donations in various cryptocurrencies, and it even posted on the official Twitter account of the social platform, leaving two long strings of codes.

It was the Bitcoin (Bitcoin) and Ethereum (Ethereum) wallet addresses established by the government in a hurry to appeal for donations. In less than eight hours, more than $5.4 million in bitcoins had been received.

Supporting Ukraine with cryptocurrencies seems to be gaining momentum at the moment.

On the one hand, long before the Ukrainian government accepted cryptocurrency donations, some supporters of Ukraine used other blockchain capabilities to raise money for the Ukrainian government and people.

For example, the RELI3F project, initiated by 37 artists, used the sale of NFT artworks to raise funds for humanitarian relief in Ukraine. The sale has already recorded over US$1 million in less than a minute.

Russia may be able to use its natural resource advantages to mine cryptocurrencies.

The picture shows the data center of local mining service provider BitRiver.

(Reuters)

On the other hand, many celebrities in the currency circle also expressed their anti-war or donated support.

Vitalik Buterin, the creator of the Ethereum blockchain who was born in Russia and known as "V God", in addition to retweeting UkraineDAO's appeal for donations, also criticized Russia's invasion as a "crime" and prayed for "Glory to Ukraine".

Why do they need to support Ukraine with cryptocurrencies?

And facing the sharp depreciation of the ruble, can Russia also use cryptocurrencies to avoid financial sanctions from European and American countries?

For details, please read the 307th issue of "Hong Kong 01" Electronic Weekly Newsletter (March 7, 2022) "

"

Other exclusive selections from

The epidemic has hit the elderly hard, and the reform of elderly care cannot be delayed any more

Han Zheng pays attention to the Hong Kong epidemic and must solve two problems

Development is the first priority Five key points of the government work report

In 2022, the main economic tone of the economy remains unchanged, seeking "stability" and more demand for "progress"

The edge of the nuclear disaster passed by, and the vicious circle of the Russian-Ukrainian conflict is difficult to break

The real purpose and consequences of Western sanctions against Russia

Ukrainian and Russian Cryptocurrency War Humanitarian Rescue Coup or Sanctions Evasion Loophole?