How the Russia-Ukraine conflict has highlighted the impact of cryptocurrencies
Just days before the Russian invasion of Ukraine, thousands of people in Canada joined a truckers’ protest movement called the “freedom convoy” to oppose government health measures. To support the protest movement organizers launched a fundraising campaign on the GoFundMe platform. However, the social funding platform seized the approximately $10 million in donations that were raised, alleging that the movement failed to both prohibit the promotion of violence and harassment and adhere to sanctions Canadian authorities had imposed. Organizers responded quickly by turning to the world of cryptocurrency to evade seizures and continue funding their movement. They raised nearly $1 million in a matter of days. This Canadian story is a perfect example of how cryptocurrency can play a dual role of social support, but can also be used to evade sanctions. At the same time, in Ukraine the Kyiv government has shown enthusiasm about using cryptocurrency, which has enabled the country to get significant financial support for its defense extremely quickly.