Ukraine Turns to Cryptocurrencies to Fund Defense

    Image copyright: Reuters [via the Guardian]

    The Facts

    • Ukraine is turning to cryptocurrencies and non-fungible tokens (NFTs) to fund its defense against Russia.

    • The country has raised more than $50 million in cryptocurrency donations, including Bitcoin and Ether, as well as NFTs.

    The Spin

    Narrative A

    Cryptocurrencies and decentralized finance offer a broad range of benefits in a situation such as this: they are the fastest, cheapest, and most secure way to transact financially--all without the burden that comes with the bureaucratic red tape of fiat currencies. The crypto ecosystem has been an enormous boon to the Ukrainian people in their struggle.

    Narrative B

    The enormous promise of cryptocurrencies is matched by their peril. The same decentralized finance tools that have helped Ukrainians raise funds are also likely to help Russian oligarchs evade the sanctions imposed on them by the Western democratic alliance.

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