The world has changed since the start of the 21st century. While some countries are switching to Central Bank Digital Currencies (CBDC) and others are sticking to their paper fiat money, cryptocurrencies have been a means for people of all nations to exchange money while avoiding foreign currency exchange fees. While some people are looking for the best online casino to use their cryptocurrencies at, others are placing their bets on humanitarian efforts and using their cryptocurrencies to help out the people in Ukraine.
Over $4.1 million of Bitcoin Has Been Donated to Come Back Alive
In less than 24 hours, Come Back Alive, a foundation supporting the Ukrainian Army, raised over $4.1 million worth of Bitcoin from over 1,000 donations to their foundation. The foundation is the largest non-governmental organization (NGO) in Ukraine and helps supply the Ukrainian Army with supplies that they need to keep the country safe. It is expected that Come Back Alive will be using these Bitcoin donations to help fund the Ukrainian Army and fend off the current attacks by Russia.
ImpactXP Team is Providing Funds for Food and Aid Packages to Help Ukraine
While Bitcoin is the most widely known cryptocurrency, other crypto’s like ImpactXP are also being used to help the people of Ukraine. The team behind the creation of ImpactXP is actually using funds from their own pockets to help out Ukraine while also having a set donation wallet for Impactors to use their ImpactXP tokens to help out. ImpactXP may not be the biggest crypto on the market, but their team is a team of people that care for their fellow men and women in a time of need.
Sharity: The Crypto Token With an Aim of Crypto Charity
Sharity is another cryptocurrency on the market that is putting others first. While this crypto is new, the mission statement of Sharity is to “Revolutionize the charity space, and connect the world digitally to help those who need it.” Sharity’s goal is to make funding charities with cryptocurrencies much easier by using a single cryptocurrency designated for charitable giving.
Why Are Cryptocurrencies Becoming Popular for International Aid
Crypto makes for a fast and effortless transfer of funds to people or organizations. Cryptos also are universal and don’t have to be subjected to a currency exchange rate fee like fiat. These things help with the appeal of cryptocurrencies for use when donating internationally. As cryptos become more popular and widely accepted, we can see more of these international organizations taking in crypto donations worldwide.
What Do These Crypto Donations Mean for the Future of Cryptocurrencies
Cryptocurrencies have been used before when donating, mainly when tipping people on online platforms. However, the situation in Ukraine has brought out a new way that people and organizations can use cryptocurrencies on a much larger scale than before. The good things that crypto is being used for with this have given people hope that cryptos can become more widely accepted as a currency that is decentralized and helpful for all people.
While some of the good news is the donations to Ukraine for help with food and supplies they need, another side has also been talked about that might not be suitable for everyone involved with crypto. This darker side could cloud any good that people are doing with cryptos with their help to Ukraine and other humanitarian efforts. So what is that dark cloud that is looming over crypto right now?
Russia Could Use Cryptocurrencies to Evade Any Banking Bans Imposed By Other Countries
As countries have discussed sanctions on Russia, one of the options has been to ban Russia from SWIFT, an international payments system. While this could have worked years ago, cryptocurrencies now pose an obstacle to countries that want to see this ban put in place. Cryptos would allow Russia to continue operating with friendly countries while sidestepping a SWIFT ban.
Due to this, countries have been somewhat leery of banning Russia from SWIFT. They know that Russia can use crypto, which might bring countries to the table to crackdown on cryptocurrencies. With this ace in the hole for Russia, it can be a disaster for good people who use crypto, as they can be subjected to crypto bans due to Russia.
The logical next step for western countries is to pass a law to ban cryptoexchanges for Coinbase etc in Russia, in addition to SWIFT ban.
What about the decentralized exchanges… the is no way to circumvent those