An Update on Ukraine and Crypto - Episode 311 - by cryptohunt.it

An Update on Ukraine and Crypto

Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English.

When the war against Ukraine broke out, we shared stories about crypto enabling donations to help the country's citizens. Today, 9 month and almost 200 episodes later, an update.

Back then, in March, individuals were rushing donations to help the Ukrainian government raise money for humanitarian aid and defense. Crypto was and remains the best option, as international money transfers are slow, costly, and can get stuck. And the government has since stepped up their game further and operates a variety of official wallets to accept different crypto currencies. The sum of everything donated? An estimated $120 to $150 million USD Dollars.

But with the Ukrainian economy under attack as part of the war, citizens have also moved to using crypto in their every day lives. Ukraine is, according to a payments company's report, the number 2 country in the world in crypto transactions, following only the much larger United States. Monthly transactions have risen from 1 to 1.5m since we touched on the topic last time.

But the free movement of money means it can go to either side. Russian militia groups have been very successful in raising crypto - through Telegram of all places. Massive campaigns to target users on the messaging platform have put over $4m dollars into their wallets - at least that we know of.

The silver lining, if there is any in this unfortunate situation, is that blockchains create transparency. You can trace back every transaction, and sum up what has been sent where. We'll keep an eye on this topic, and you in the loop - until then, think about the people in Ukraine who are heading into a harsh winter with critical infrastructure like water and power grids largely inoperative. “Donating crypto to Ukraine” remains a popular search on Google, and if you plan on doing so, there is an article on Time.com that we fact-checked so you know your money is going to the right place.

Soon, we’ll all wish each other Happy Holidays – but don’t forget there are people out there who are struggling right now.

This podcast is produced by Cryptohunt.it, the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.