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Both countries are utilizing cryptocurrencies for various purposes. Is the Russia-Ukraine war creating a new way for cryptos?

The Russia-Ukraine war has put cryptocurrencies in the spotlight. For better or for worse — it’s inevitably a part of international conflict. Millions of dollars in crypto have flowed in to support Ukraine’s army and hacktivist groups. While it is being speculated that Russia may use them to get past the sanctions slapped against it by the US and European Union (EU), millions of dollars in crypto have flowed in to support Ukraine’s army and hacktivist groups. The country has raised donations worth over US$45 million so far. In a meeting on Wednesday, Reserve chairman Jerome Powell reportedly said that the Russia-Ukraine war has underscored the importance of regulating cryptocurrencies.

 

Struggle Led Change?

Some crypto specialists feel that the Russia-Ukraine war can achieve an adjustment of the story around cryptocurrencies and they might turn out to be more satisfactory than they are currently. The way that the Ukrainian government is likewise looking for commitments in crypto approves the utilization of blockchain-based cash.

It is additionally conceivable that cryptos may observe a bigger spot in struggle zones. Crypto will arise as an alternate payment mechanism, particularly in topographies confronted where international dangers are impending. At the point when the fiat financial framework self-destructs, crypto will be the main deliverer.

Constant digital innovation is additionally a variable that can’t be disregarded. Western majority rule governments will keep on supporting monetary innovation and computerized resource advancement, including however not restricted to, cryptocurrencies. Miscreants will continuously attempt to take advantage of these advancements for their advantage which upholds the requirement for fitting administrative guardrails (like KYC/AML), fiat currency onramp protocols, and fraud prevention oversight by both private and public sector entities.

 

The India Story

How India sees cryptocurrencies in the future might rely upon the public authority’s position, which has been watchful for the present. As of late, the public authority acquired steep tax collection for cryptos. Assuming that Russia is for sure ready to stay away from or moderate the effect of economic sanctions by using Bitcoin and other cryptocurrencies, RBI, which has already highlighted its concerns around the possible use of cryptocurrencies to escape monetary control of the central banks and governments, may take a conservative stand towards cryptocurrencies in India. It may be noted that the Indian government is considering bringing in legislation for a cryptocurrency bill, though there has been no concrete movement in that direction yet.

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