For all the negatives the war bring, it also carried some positives for the industry. Whether it was refugees using cryptocurrency to survive, or projects raising funds to send to Ukrainians, crypto was able to prove its true value.
in crypto donations have already been raised to support the Ukrainian resistance, those of us who have championed crypto as a way of giving ordinary people rather than corporations and governments control over their own money have been vindicated. While the banking financial system has been under sustained attack by Russia, using both military and cyberattacks, this life-saving money has gone directly to those in need via crypto.
We can now see the value of having somewhere safe to store money in a time when the traditional financial system is under threat — a completely separate payment infrastructure that can step in and pick up the slack if the current infrastructure is destroyed in a black swan event. Whether it is a state destroying our ability to pay for goods and services or even a major cyberattack, the blockchain provides a vital backup to halt the destruction of entire economies.
As the United Kingdom’s independent crypto industry association, we called on all of our members and the wider crypto community to take all necessary steps to enforce economic sanctions against Russia through engagement with professional compliance teams, blockchain analytics companies, the National Crime Agency and government experts in illicit finance.
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