Formerly an economics and humanities student at UCLA, Oe Kaori is now an intern for the United Nations.
Bitcoin and Where it Stands in the Middle of the Russian Ukrainian War
For the first time in its history, Bitcoin is being employed in mankind's deadliest activity – war.
National leaders lead wars, but when a leader acts forcibly, his people are condemned. For the record, I am a supporter of both the Ukrainian and Russian citizens. The majority of folks want to be left alone to enjoy their lives.
Nothing in this should be used to justify hate of Russians as individuals. It should be mentioned that, according to one statistic, 6,824 Russians, including these minors, had been jailed for opposing the war.
How Did This Start?
Russia attacked Ukraine in February 2022. While this may be considered a continuation of hostilities between Russia and the West that began in 2013, I will concentrate on the current circumstances. It began when Russian President Vladimir Putin recognized the independence of two eastern Ukrainian districts and dispatched soldiers to act as keeping the peace. Soon after, he stated that his army had invaded Ukraine on the basis of false allegations that the Ukrainian government was committing war crimes against Russians, with the goal of de-radicalizing and de-militarizing the country.
He demanded that the Ukrainian army overthrow the government, lay down its weapons, and engage in nonviolent negotiations with the Russians.
The exact opposite has occurred. A bloody conflict has erupted. An estimated 150,000 Russian soldiers have been stationed on the Ukrainian border, with another 75,000 troops entering the country. According to reports, the Russian Army is encountering significant opposition as it approaches. In the first week of battle, Ukraine alleges that 5,700 Russians were killed. Kyiv and Kharkiv, Ukraine's two major cities, are encircled and attacked.
After five days of violence, the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) recorded 142 civilian deaths and 408 injuries. A total of 13 children were slain.
"The majority of these deaths were caused by the employment of explosive weapons with a large effect area, such as shelling from heavy artillery and MLRS, as well as air attacks," according to the study.
War with Crypto
From an economic aspect, crypto is also at the forefront for the very first time in the history of conflict.
Here are some of the highlights thus far:
On February 24, FTX CEO Sam Bankman-Fried revealed that the network has given $25 to each of its Ukrainian users.
On February 26, the main Ukraine Twitter account issued the following message, requesting Bitcoin, Ethereum, and USDT support. There have been almost 209K likes and 68K retweets as of this writing.
Vitalkin Buterin, a Russian-Canadian Ethereum co-founder (who is also a Russian citizen), expressed his support for Ukraine on Twitter and has been active in forwarding messages on how to financially help Ukraine. He also used four-letter terms in response to the views of Russia Times Editor-in-Chief.
In response to the Ukrainian government's original tweet, Gavin Wood, the founder of Polkadot, declared that if they took $DOT, he would contribute $5 million to their cause. Those who agreed, and he followed through on his commitment by contributing $5.7 million.
Mykhailo Fedorov, Ukraine's Vice Prime Minister and Minister of Digital Transformation, announced the creation of a Dogecoin wallet on March 2, explicitly appealing to the joke coin's fans while mocking the Russian Ruble:
Billy Markus, a co-founder of Dogecoin, announced his support and contributed as well. 397 wallets gave 296,300 $DOGE (about $40,000) to the Ukrainian cause after the first morning. As of March 1, 2022, Time reported that over $30 million had been raised in support of Ukraine using cryptocurrency. Nexo Finance said on March 2 that it will match 100% of all customer donations from Nexo wallets and 20% of all Nexo staff donations to Ukraine's official Bitcoin, Ethereum, Tether, and Polkadot cryptocurrency addresses.
UniSwap Labs said on March 2 that its interface has been upgraded to allow a person to contribute to the Ukrainian government.
As the War Continues
There are no half-measures when it comes to war; genuine leaders have no business attacking other countries. This conflict has been very cruel. The Russian economy is suffering as a result of sanctions, and the Russian army's siege of Ukraine is intensifying. Putin has even threatened the use of nuclear weapons. It is my honest wish that this conflict will come to an end as soon as possible, with the least amount of human suffering as feasible. Cryptocurrency, like any other currency, is a tool. It has the ability to be utilized for good or for bad.