The war brought a lot of misery to the people of Ukraine and they certainly did not anticipate for things to turn out the way they did. The magnitude of help that the country received in the form of cryptocurrency allowed it to stay afloat in a volatile and turbulent ecosystem.
The damage had already been done and there is nothing that they didn’t do to sustain the lives of those who managed to survive the ceaseless onslaught of the Russian attacks.
The Bitcoin trading platform www.quantum-ai-trading.com/ will highlight the implications of cryptocurrency and how it had an impact on Russia and Ukraine as both of these countries were able to draw much help from it.
The Damage was Already Done
Today, we have come a long way as a worldwide community of crypto users and this is what helped Ukraine in the most challenging times of its existence. The country not only was battered by Russia but also lost all sorts of connections to the outside world in the initial stages of the war. The situation became dire in no time and they had a very small window to operate from and take necessary decisions to protect the country from an internecine war.
Russia remained adamant in its attack and didn’t seem to cease despite being strictly warned by the well-known international authorities.
The only solution to discouraging the country from attacking Ukraine was to put significant sanctions which ended up deterring the country from attacking any further. Nonetheless, the damage had already been done and Ukraine had already lost its most vital resources and heritage sites that it was known for. Their only hope was manifested into the cryptocurrency as it enabled them to receive donations from all around the world. They were able to meet the desired requirements of the general public shortly after the attack as the donations kept pouring in from other counties.
Russia Under Scrutiny
The western nations were already infuriated by Russia and they kept putting the debilitating sanctions on the country. The strategy might have worked but the long-term implications of sanctions are yet to be seen.
The Russian economy took a massive blow from such sanctions and the prices of products & services surged significantly higher. But we also need to address the fact that cryptocurrency has served the purpose of Russia as well it was able to use the digital asset as a form of leeway from all the sanctions that it had been the recipient of.
Right now, Russia has been quite successful in its endeavor to use cryptocurrency to finance the war as well as finance its own needs.
Now, it is needless to say that cryptocurrency did help Ukraine in the recovery process as well as salvaging whatever is left of it, but Russia has benefitted greatly from cryptocurrency as well. This is why a recent crackdown on all the Russian accounts and crypto miners has been under the radar of international authorities. All the accounts are already being either closed or fully terminated to deter their ability to connect to the outside world through cryptocurrency.
Nonetheless, they always have a sneaky way to circumvent all the restrictions and sanctions in the process.
It seems that Russia had already prepared for what will be coming for it in the future and the pre-emptive measures adopted by it did work out to be the most reasonable ones even in the most desperate of the situations. As of now, we canal wait and watch as to what will be the further implications of the new sanctions on Russia and will they be able to stall the progress of the country in its entirety or not.
The fact cannot be denied that, had it not been for cryptocurrency, both of these countries would have suffered immensely and would have also turned into a horror scene in a very short time. The leeway that these countries made use of proactively helped them to prepare for what was next in store for them.
Russia still remains stuck to its approach of a bully and Ukraine continues to save the lives of its people through rescue work.