This article describes the role of Bitcoin in the wartime Ukrainian economy. While Russia’s unprecedented attacks pose a serious threat to people’s lives and national security, Bitcoin provides a reliable solution. Ukrainians can still support each other with their army, even though the banking system is not functioning properly.As Bitcoin is legal in UkraineBoth government officials and citizens can trust it on a daily basis.
People all over the world are actively contributing to the fight for freedom in Ukraine. Recent events also show how Russia’s military aggression appears to be a major environmental threat while Bitcoin is helping to minimize it.
Countries that need a lifeline
Ukraine faces an unprecedented aggression from Russia. BBC As “Europe’s greatest war since 1945”.
In an attempt to pursue imperialist policy, Russia is now deliberately violating basic international treaties and legal standards, such as the Geneva Convention, which regulates military conflicts and humanitarian treatment.
Ukrainian military services Over 2,000 civilians Killed during the first week of the Russian invasion. Russian troops attack and destroy housing, hospitals, kindergartens, and other civil engineering infrastructure objects, even though they claim to focus on military bases. The so-called “green corridor” that enables the evacuation of civilians and provides food, water and supplies to the most affected areas Not working wellCauses humanitarian catastrophes in cities such as Mariupol and Volnovakha..
The basic rights of millions of Ukrainians, including the right to life, are threatened every day. However, traditional agencies have little effect in providing the protection needed for vulnerable groups.International community and NATO do not approve Ukraine’s request “Close the sky” And prevent Russia from using its air force and artillery to attack Ukrainian cities and their civilians.according to Reuters74% of Americans support the introduction of a no-fly zone over Ukraine, and most Ukrainians expect this support to contribute to a change in NATO policy.
Bitcoin as an economic impact and solution to conflict
In addition to the humanitarian issues outlined above, the Ukrainian financial system has proven unprepared to respond to such pressures.
Although the Ukrainian government can still fulfill its obligations Payment of government bonds, There are many problems at the micro level. Banking systems are not functioning properly, especially in the most affected areas. Millions of people are no longer able to use electronic paymentsWith a shortage of cash ATM problem It makes it difficult for the general public to receive and send money.Large-scale withdrawals of deposits by people across the country have revealed the inherent instability of Fractional-Reserve Banks, as broadly explained by: Murray Rothbard And other Austrian economists.
Under these circumstances, Ukrainians face many serious problems, including the need to support the Ukrainian army and the most vulnerable groups and carry out at least some basic transactions. Bitcoin is a major alternative that can literally save lives during the war, as traditional equipment appears to be unavailable or inflexible to effectively and urgently address such needs. It is emerging.
In particular, Ukrainians using Bitcoin can safely carry out the required transactions, regardless of centralized control. Bitcoin also addresses the threat of physical destruction of property, as the risk of fire and artillery remains significant in many cities. Another important advantage is the ability to maintain anonymity or pseudonym that may be important to people living in the currently occupied territories. In this way, they can safely assist the Ukrainian army and other needy people.
More and more Ukrainians are relying on Bitcoin today to make payments and transactions. Bitcoin’s legal status in Ukraine has proven important for integrating the efforts of government officials, entrepreneurs and other socio-economic groups.
Most, if not all, major non-governmental organizations accept Bitcoin as a contribution option. Taras ChmutFor example, the head of the Ukrainian support organization Come Back Alive recognizes that cryptocurrencies are the best option available at the moment. According to him, due to a problem with Kyiv’s banking system, only cash and cryptocurrencies can be used to purchase the necessary supplies. However, cryptocurrencies are definitely more convenient and reliable than cash because they can accept donations without geographical restrictions. The decentralized nature of Bitcoin protects Ukraine’s ideal of freedom, as various non-governmental and local activists can perform complementary functions.
The current situation in Ukraine also provides yet another counter-argument to the general biased debate about the possible negative effects of Bitcoin on the natural environment. The real environmental threat was posed on March 4 when Russian troops used heavy firearms to capture the Zaporizhia nuclear power plant, Europe’s largest nuclear power plant.according to Ministry of Foreign Affairs of Ukraine, Potential environmental disasters can be 10 times more serious than the Chernobyl accident. “Special military operations” like Russian President Vladimir Putin Called his invasionMost threats to humanity and civilization in the world prove to be centralized by their nature. In contrast, the voluntary and independent coordination of many people around the world has the potential to address such threats.
Ukrainians have successfully implemented various humanitarian projects and environmental protection initiatives because they can use Bitcoin during the war.It’s no coincidence that the Russian authorities considered either Strictly manage All cryptocurrency transactions or Bitcoin are banned altogether to avoid decentralized movements in your country.
This is a guest post by Dmytro Kharkov.The opinions expressed are completely unique and are not necessarily BTC Inc or Bitcoin magazine..
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