November 18, 2022

How Using Cryptocurrencies Can Have Altruistic Concerns In Ukraine?

The use of cryptocurrency for humanitarian purposes has been proven effective.

In reaction to Russia's invasion, people in Ukraine have donated more than USD 100 million worth of cryptocurrencies.

Decentralized blockchains that process cryptocurrency payments save charities 25-30% in administrative costs, meaning more donors' money goes directly to the causes they support.

How Using Cryptocurrencies Can Have Altruistic Concerns In Ukraine?: eAskme
How Using Cryptocurrencies Can Have Altruistic Concerns In Ukraine?: eAskme

While bitcoin contributions are helpful, the official data and evidence of war crimes that Web3 provides are invaluable.

Preserving Historical Documents:

Property registration documents, title documents, birth certificates, and other official documents that can be relied upon throughout time to reflect ownership and entitlement information accurately are essential to rebuilding any country.

This was made abundantly evident after the terrible earthquake of 2010 destroyed 60 years' worth of archives in Haiti, already one of the world's poorest nations.

If you're looking for a country using blockchain for government documents, look no further than Ukraine.

When it comes time to rebuild, this technology will serve the Ukrainians well.

Verified Records Of Atrocities Committed In Conflict:

The Russian government has become adept at producing propaganda-filled material that can easily be shared on social media.

National intelligence services have compiled considerable documentation of these misinformation attempts over the previous decade.

The Russian invasion of Ukraine has prompted widespread reports of war crimes by Russian forces, prompting Moscow to modify photos and descriptions of these events.

The president of Ukraine, Zelensky, is seen on a fabricated film pleading with the Ukrainian people to submit.

Immutable, verified photographs and narratives of the Russian invasion of Ukraine must be stored safely and indefinitely.

Blockchain technology allows for immutable storage systems, where this information must be permanently archived.

These actions are currently being taken.

There are already 10 million photos of the dispute stored on the platform provided by Arweave, a startup provider commonly utilized for safe and permanent non-fungible token (NFT) storage.

Advice for US Lawmakers:

Senator Elizabeth Warren and other backers of the Virtual Transactions Penalties Enforcement Framework That focuses on 2022 would do well to educate themselves about Web3 protocols.

They might take many cues for their security from Ukraine.

Criminals will always find a way to exploit weaknesses in whatever financial system they can access.

Still, blockchain makes it harder for them to hide their money.

Ukraine's Innovative Mindset:

Ukraine is a very forward-thinking nation, proven partly by its considerate adoption of Web3 technologies.

About $150 million is transacted in cryptocurrencies daily in Ukraine, making it the fourth most active market in the world according to the Chainalysis 2021 Global crypto adoption index.

In terms of governing digital assets, Ukraine is also ahead of the curve.


The preface to the Chainalysis 2022 Crypto crime study states, "Transactions using illegitimate addresses comprised barely 0.15% of bitcoin transaction volume in 2021," with an estimated value of $14bn.

Meanwhile, annual worldwide money laundering amounts between $800 billion to $2 trillion, according to estimates from the United Nations.

Those concerned about liberty are standing on the edge of a global crisis as the Russian invasion of Ukraine develops before our eyes.

As much as Web3 won't stop the missiles, it promises a safer, more progressive future.

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