Crypto’s Role in the Russian-Ukrainian War

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Through an interview with KUNA’s Michael Chobanian, we could learn about present-day Ukrainian life. Before the war, the management of cryptocurrencies was in his hands and he could settle transactions at a light speed. He was the name behind the KUNA exchange and the head of the Ukrainian Blockchain association. Now, the virtual government crypto fund is in his hands.

He further said in his interview, that ‘ he had always known crypto was going to play a vital role in future but he never expected it was going to happen during a war. Crypto has been making waves since the war started and it is quite surprising. The deputy minister of Ukraine highlighted how Ukraine has been able to buy 5,500 bulletproof vests, 500 helmets, night vision Google, and medicine through crypto donations in mid March.

The Role Of Crypto Before The War and Chobanian’s Part In It

 Before the Ukrainian war started,  according to Chobanian,  Ukraine was the number one crypto country in the world, it also had companies in the crypto space in Kyiv, and crypto guys had a gathering which was hosted every week, before Covid, there were thousands of people at the meetups. Also, Ukraine had a couple of developers.

Chobanian is a crypto trader for the government and his role is to supply people with all the necessities they require and also to ensure that payment is made as fast as possible to people. However, he does more, he collects, stores, and fundraises crypto. 

He exchanges crypto to crypto and crypto to fiat, opens a bank account for intermediaries and buys whatever is needed for the Ministry of defense and also finds suppliers who are willing to sell goods, helmets, or bulletproof vests for crypto.

A KUNA executive also explained that the country is in trying times now, and they are trying as much as possible to save people’s life and crypto purchases can help speed up the process and save the day.

The Kingship of Crypto in Ukraine

Since the war started, cash is now trash, as it cannot be moved outside the country, even the u.s dollars have lost their value, but now crypto has largely taken over. Before the war, dollars were the main payment for the OTC market. Now that situation is tight, nobody wants it.

The CEO of KUNA further said, the most valuable form of money now is crypto. It is portable, fairly fungible, and very important in these war times as it settles at lightning speed.

Moreover, Chobanian also said that before the war, the government, the military, and the banks were all skeptical about the use of crypto. But now, they have set their skepticism aside, and have acknowledged that only crypto can help save lives minute by minute.

In conclusion, it can be seen that lately, the whole world has become an advertisement for cryptocurrencies. Though the circumstances surrounding it in Ukraine are quite sad, it still doesn’t change the fact that crypto is King and has come to stay. Cryptocurrencies solve problems and proclaim themselves Lord overall.


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