Special Military Operation Between Ukraine & Russia – How Crypto is a Double-edged Sword?
No matter which country of the world is going on a walk, there will be a lot of devastation caused because of it. Whichever country is involved in the conflict or another situation, it is not only the economy that will take a huge hit. Apart from the economy, many other aspects of growth will be destroyed in the world. Human life is essential at a cost when there is a fight between two or more countries. Apart from this, the economy takes a huge hit when there is a special military situation between two countries and property destruction. Buildings are destroyed, and also, the finance and debt levels increase, which may lead to further conflicts between nations, as per the https://crypto-engine.live/. These are the extreme times when the uncertainty about the future increases also. It makes the country's future completely unclear, and therefore, there is a lot of opportunity cost. The opportunity cost we will consider here is the money that the country will use in building weapons. At the time of fight, the weapons will be built with the help of this money, but if there is no world, that money could Be utilised in better things like building infrastructure for the country for growth. On the contrary, it can also be utilized to improve its economy.
Ever since the conflict began between Russia and Ukraine, there have been a lot of things happening in both economies. On the one hand, Russia is a mighty nation and therefore, it may not experience depletion in its economic prosperity so soon. And there is Ukraine, another part of the world that will run out of funds when there is going to be a long run fight in the country. When there is such a situation, the whole masses of people become uncertain about the country's future. Therefore, they start to withdraw their money from government banks, where the problem begins. And the people who will take out their money from the nation's government will be left without anything in hand. It will lead to a situation where the government will run out of funds, and hence, there could be a lot of problems. For example, the Russian central bank has already raised the interest rates for taking loans by up to 20% to stabilize the cost of the special military situation.
What’s the situation?
When there is huge uncertainty among the country's people, they believe it is not right to keep their money in the government's banks. They prefer moving toward some safer haven't like gold and Krupa coins. Now, as bitcoin is very popular worldwide, people prefer investing their money into it if there is a conflict between governments of different nations. The gold carried along a lot of value but so did bitcoin. Therefore, people have a lot of control over their bitcoin, which leads them to invest their money into it. When it comes to the situation of Ukraine, to deal with the financial stability, the refugees from the country were looking forward to purchasing more of these crypto coins.
Recently, the vice president of Ukraine said that it would accept help from the world by any means possible. Therefore, it also started to announce that the government is willing to accept cryptocurrencies in donations. As a result, it led to the collection of more than $70 million for the country and its military forces to continue fighting with the Russian troops. In-depth details!
In this situation, cryptocurrencies are acting as double-edged swords. It has been an incredible medium of store of value for the people of Ukraine; it is also acting as a medium to circumvent the money to the sanctions imposed on the Russian government. No matter what you do with your crypto coins, they are entirely free of political influences. Therefore, it is entirely in the spotlight and getting massive attention from the Russian and Ukrainian people. They believe that if they invest money in crypto, they will make their fund safer. On the contrary, under the situation of sanctions from different nations, the Russian government can still make global transactions with the help of crypto coins. Therefore, the sanctions imposed by the Western nations are still not under complete control of the monetary transactions across the borders of Asia.