HomeCryptocurrencyFinancial Censorship: Crypto Will Be an Integral Part of a Fragmented...

Financial Censorship: Crypto Will Be an Integral Part of a Fragmented Global Economy

Donation with cryptocurrencies

According to blockchain analytics firm Elliptic, after the Russian invasion of Ukraine, people from all over the world sent more than $54 million to an NGO called Come Back Alive, which provides support to the Ukrainian government and Ukrainian military. Supporters are also donating NFTs and stablecoins. Polkadot founder Gavin Wood made a single donation of $5.8 million.

While the donation amount is far less than the billions of dollars the US government has sent to Ukraine, cryptocurrency has proven to be a much faster way to get directly into the hands of those who need it.

The Ukrainian government has started accepting cryptocurrencies as donations made through traditional banking methods can be difficult and time consuming. Crypto makes it possible for people to send money to anyone, anywhere in the world, whenever they want.

rusyaya yaptırımlar

Financial sanctions are a deadly weapon

In the past few weeks, Western countries have imposed massive sanctions on Russia to paralyze its economy. Russia has become the world’s most sanctioned country, worse off than Iran and North Korea. “We will cause the collapse of the Russian economy,” the French finance minister said earlier this month.

Several Russian banks have also been kicked out of the SWIFT bank messaging system, making it harder than ever to facilitate international money transfers. The Western arming of finance has seriously damaged the Russian economy. The ruble has lost nearly 50% of its value against the US dollar.

He has harmed the people of Russia, including those who oppose Putin’s invasion of Ukraine. And they pay the price for the war they didn’t want in the first place.

The arming of financial sanctions on such a large scale will cause concern not only in Russia, but also in other countries. Countries like China and India will be more inclined to reduce their reliance on the West’s financial infrastructure. And it will lead to the fragmentation of the global economy, in which crypto will play an active role.

Mehmet S. Kaya
Mehmet S. Kayahttps://teknonel.com
Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

Follow us on Social Media!


Related Articles

Binance’s BNB Chain bridge was hacked: $718 million lose is calculated

The BNB Chain developed by the cryptocurrency exchange Binance was hacked in the early morning of the 7th! The official cross-chain bridge (BSC Token...

Microstrategy is not afraid of bear market and buys 301 Bitcoins

Long-term optimistic about Bitcoin's micro-strategy, he entered the market again to buy 301 BTC, with a total investment of about 6 million US dollars,...

Hackers use Deepfake to impersonate Binance executives’ faces for cryptocurrency scams

A Binance executive pointed out that the hacker group used Deepfake (deep fake technology) to create an AI holographic projection like his face, and...

ETH option contracts will be released before Ethereum upgrade on September 15

Ethereum is about to usher in the much-anticipated Ethereum 2.0 mainnet on September 15th. Many people believe that Ethereum will usher in a surge...

Explore More Articles


Sons of the Forest: The Best Places to Find Aloe Vera

If you want to find Aloe Vera in Sons of The Forest, this is the guide for you. Since you'll find yourself stranded on...
What are the Differences between quail eggs and chicken eggs

What are the Differences between quail eggs and chicken eggs?

Quail eggs and chicken eggs have several differences in terms of size, nutritional content, taste, and culinary uses. Here are some of the key...

Sons of the Forest: How to Craft a Bone Armor?

Armor is surprisingly important in Sons of the Forest . If you plan on delving into the spooky caves that dot this new island, you'll want to...
The night sky is full of black holes instead of stars

The night sky is full of black holes instead of stars

This is a seemingly ordinary starry sky photo (see the first picture), but it is a more special celestial body than luminous stars, that...