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Who cares when it’s war’: Cryptocurrencies enter Ukraine conflict

February 28, 2022 Europe欧洲 Blockchain

Mike Chobanian, boss of cryptocurrency exchange Kuna, has evacuated part of his team from Kyiv and is watching the effects of Russia’s invasion on his flourishing industry with a wary eye.

“Business is running, but we’re in survival mode over here,” the 37-year-old boss said during a video call from his current refuge after leaving the Ukraine capital.

Russia’s military build-up led many Ukrainians to turn to cryptocurrencies, before the invasion seized up the sector.

But it is still facilitating global fundraising efforts, albeit through an opaque decentralized system that Russia could also exploit to circumvent sanctions.

The Ukrainian government on Friday imposed sanctions against the ruble, forcing Chobanian to halt cryptocurrency swaps with the Russian currency.

“But who cares when it’s war?” said Chobanian.

His platform saw a steady rise in business from Ukrainian accounts in recent weeks.

Worried about rising tensions, locals were buying up stablecoins, the dollar-backed electronic currencies often criticized by Western regulators for their opacity.

“Bitcoin, you engage yourself in gambling, you don’t know if it’s going to go up or down,” he explained.

Source: https://www.dailysabah.com/business/finance/who-cares-when-its-war-cryptocurrencies-enter-ukraine-conflict
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