Analysts tell how cryptocurrencies help Ukrainians affected by Russian aggression

Ukrainians who were forced to flee Russian aggression abroad are using cryptocurrency to survive. As of today, more than 10 million people have fled their homes, with 6 million of them seeking refuge in other countries. In a seemingly critical situation, cryptocurrencies have begun to prove their true value to ordinary Ukrainians. Digital assets help not only the wealthy «elite,» but also contribute to the security of the population and help the Armed Forces of Ukraine.

When the full-scale Russian invasion of Ukraine began on February 24, 2022, the Ukrainian government’s Twitter accounts posted a request for donations of cryptocurrency assets. More than $ 100 million in cryptocurrency has already been raised to support the Ukrainian resistance. While Ukraine’s banking financial system is under constant attack from Russia, using both military and cyber attacks, these life-saving funds have been sent directly to those in need.

The world has witnessed Ukrainians using digital currencies to Binance/">quickly transfer funds to those in need from relatives abroad, and it has allowed displaced people to purchase essential goods and services. Anyone with a cell phone and internet access (which has been bolstered by Starlink satellites donated by Elon Musk’s SpaceX company) can now access their funds through crypto wallets.

Digital currencies have shown their value not only in helping desperate Ukrainian refugees, but also in preventing them from evading sanctions imposed on Russia. Contrary to speculation at the beginning of the conflict, desperate Russian oligarchs have discovered that cryptocurrencies are not a safe haven for their multibillion-dollar assets.

Market experts assume that Ukraine’s financial infrastructure will be able to emerge from this tragic war at ground zero after the victory. Analysts assume that the world will soon see how modern Ukrainian society is rebuilding its economy with the help of a powerful built-in element of blockchain technology.