It is difficult to predict changes in an unstable geopolitical scenario, but, in the midst of the monetary crisis, digital currencies present themselves as a way of maintaining financial freedom that goes beyond borders.
On Monday, US President Joe Biden issued an executive order banning new investment, trade and financing by US entities in Ukraine’s two Moscow-backed breakaway territories. While the US has hit Russia with sanctions, including cutting its biggest creditor, Sberbank, from the US financial system, it has not removed Russia from the global SWIFT payments system, a move that would largely undermine Russia’s ability to trade with the rest of the world, and which could be mitigated through transactions with digital assets.
On Wednesday, the National Bank of Ukraine began restricting cash, limiting hryvnia withdrawals and banning international purchases and withdrawals of foreign currency. Russian banks also began tightening limits which triggered a run on banks and ATMs to withdraw cash. Meanwhile, Russia’s central bank began intervening in currency markets to prop up its ruble on Thursday, which hit its lowest level in history, with several moves apparently taking place in the last 24 hours.
Faced with the escalation of tensions on the border between the two countries, the Central Bank of Ukraine began to publicize a fundraiser through the internet to help the country’s army.
Patreon, a content creator association platform that can also be used as a source of crowdfunding, suspended Ukrainian NGO Come Back Alive after ruling that the NGO was violating its terms. Come Back Alive was established in 2014 when armed conflict erupted between Ukraine and Russian-backed separatists. The NGO claims to provide armor and medical equipment to Ukrainian fighters.
Patreon quickly removed the NGO’s page and wrote a blog post reiterating that the platform must not “be used to fund weapons or military activities”. In a tweet, the company added that “Patreon does not allow funds raised on the platform to be used to support violence or the purchase of military equipment,” and that the Come Back Alive page has been suspended pending investigation. Patreon may have started their platform’s Come Back Alive, but the Ukrainian NGO is one of many in this conflict that are accepting cryptocurrency donations. Approximately $400,000 worth of Bitcoin was donated in less than 12 hours to Come Back Alive after the attack orchestrated by Russian President Vladimir Putin.
Nadya Tolokonnikova, founder of Russian protest punk band Pussy Riot, announced on Twitter today that she is launching UkraineDAO alongside Trippy Labs and PleasrDAO members, to raise funds for organizations that support Ukraine’s beleaguered citizens. UNHCR, the UN refugee organization, estimates that another 100,000 war-affected citizens are seeking refuge in other countries. Countries open to receiving refugees include Poland, which plans to accommodate up to 1 million Ukrainians, as well as Romania, Hungary, Slovakia and Moldova, where 4,000 Ukrainians arrived on Thursday. But these countries are not currently equipped to handle the volume of refugees that are likely to arrive at their borders in the coming weeks, and they do not have the capacity to meet these needs on a large scale and on a long-term basis. well and facilitate the integration of refugees from war, to digitize identity and other essential documents, track donations to refugee causes and ensure there is accountability in the use of resources for peacekeeping.
We have barely recovered from the global impacts of the pandemic and now a sad war. This generalized fear of violence, of inflation, of the other, tends to impact generations. Digital currencies may have no borders, but their use needs to be increasingly conscious. It is important to use technology and resources wisely to foster peace and good.
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