As Russia’s war in Ukraine continues, cryptocurrencies are taking on an important role in the conflict, but not in the capacity of evading sanctions on Russian entities or oligarchs. On the contrary, crypto has proven itself to be very useful in supporting Ukraine as users around the world have donated over $56 million in cryptocurrency to addresses provided by the Ukrainian government alone.
This is “showcasing not just the crypto community’s generosity but also virtual assets’ unique utility for cross-border payments,” Chainalysis report on the matter reads.
As most readers know, the United States and many of its allies in the EU and elsewhere have taken unprecedented actions against Russia, including adding Russian oligarchs, their family members, and their businesses, as well as all major state-owned banks and many energy exporters, to the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals And Blocked Persons List (SDN).
Western powers have also re
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