Bitcoin has become embroiled in the ongoing crisis between Ukraine and Russia. A recent research revealed how Ukrainian rebel and defense groups have collected bitcoin (BTC) and other cryptocurrencies as donations to fund their activities.
Elliptic, a cryptocurrency research organization, conducted the study. It examines how non-governmental organizations (NGOs) and other advocacy groups in Ukraine might use bitcoin.
According to the report, the total amounts received by the groups and NGOs that were tracked for donations via cryptocurrency was just over a half-million in USD - which the study notes represents a 'small percentage' of the overall incoming funds.
This was likely a test on how beneficial it is to have Bitcoin on hand during a conflict.
But when you consider the question: is the ability to send unstoppable transactions into a war zone a powerful capability? Clearly - yes.
Unfortunately I can already see politicians praising it when used their own military or allies, then calling it 'a tool finance enemy regimes' when it's the other way around.
Crypto Never Has Played a Large Role in Facilitating Otherwise Secret or Illegal Transactions...
Regular government issued fiat currencies are used 160X more often in crimes compare to cryptocurrencies - a massive difference.
While the media painted Bitcoin as new choice of the criminal underground - many of those criminals learned the hard way that the only reason Bitcoin was being called 'untraceable' is the reporters writing about it didn't know how to to use it.
According to a recent report from blockchain analysis firm Chainalysis, bitcoin was used to launder less than 0.5 percent of the USD 8,600 million that was laundered in 2021 - down 4% from the previous year.
Everything above highlights what we believe will be an emerging trend - continued declining use by bad actors, and increased usage in cases where a transaction that cannot be stopped or intercepted are needed, but anonymity is not.
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Author: Mark Pippen
London News Desk
Breaking Crypto News
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