How the Russia-Ukraine conflict has put cryptocurrencies in the spotlight

livemint.com:

Toronto, (The Conversation) Just days before the Russian invasion of Ukraine, thousands of people in Canada joined a truckers’ protest movement called the “freedom convoy" to oppose government health measures.

To support the protest movement organisers launched a fundraising campaign on the GoFundMe platform. However, the social funding platform seized the approximately USD 10 million in donations that were raised, alleging that the movement failed to both prohibit the promotion of violence and harassment and adhere to sanctions Canadian authorities had imposed.

Organisers responded quickly by turning to the world of cryptocurrency to evade seizures and continue funding their movement. They raised nearly USD 1 million in a matter of days.

This Canadian story is a perfect example of how cryptocurrency can play a dual role of social support, but can also be used to evade sanctions.

At the same time, in Ukraine the Kyiv government has shown enthusiasm about using cryptocurrency, which has enabled the country to get significant financial support for its defence extremely quickly.

Our work examining the digital transformation of the accounting profession has led us to delve into the world of cryptocurrency to explore how it operates and how it is regulated. As the armed conflict between Ukraine and Russia rages on, countries’ interest in regulating cryptocurrency has never been so urgent.

The conflict between Ukraine and Russia is not just a war of bombs and bullets. It is also a digital war of which cryptocurrency is just one of many components.

Ukraine’s Ministry of Digital Transformation is getting lots of press for the ingenious way it is supporting the country’s resistance to the Russian invasion. This is being done