Those assurances were strictly tested in the year 2014 when Russia invaded Ukraine. Russia took the Crimean Peninsula and further backed a rebellion led by pro-Russian separatists in the Eastern Donbas region [estimated attacks and deaths in Ukraine stands at ten thousand till date].
IN ESSENCE, all of the happenings in the Russian-Ukrainian conflict are simply caused by a breach of the agreement. The Ukrainians feel a little bit cheated, mainly when not represented in their government. Russia refusing to follow the agreement made, and Russia feeling a little bit jittery about Ukraine joining NATO [ more or less it is simply a fight of ideologies per se between the pro-Western Ukrainians and pro-Russian groups]. And you can simply visualize the act between the warring countries this way, a jealous husband [which is Russia] refusing to allow his ex-wife [Ukraine] leave for another man [NATO].
Why wouldn’t Russia let Ukraine Be?
Russia believes Ukraine is their territory, a country so embedded in their history and their prowess that it is difficult to let it go for another. That said, the two countries shared heritage goes way back in time, perhaps more than a thousand years—this was when Kyiv [Ukraine’s capital] was at the center of the Slavic state, Kyivan Rus, the birthplace of both Russia and Ukraine.
Here’s a little dab on history. In 988 A.D, Vladimir I, the pagan prince of Novgorod and grand prince of Kyiv, had accepted the orthodox Christian faith and was baptized in Chersonesus [a Crimean city]. The Russian leader, Vladimir Putin, had openly declared Ukrainians and Russians as one people from that moment on.
Furthermore, Russia’s invasion presently had grown out of mass protests by Ukraine, which toppled the country’s Russian President Viktor Yanukovych; this was done because of his refusal to execute the trade agreement with the European Union. Making it worse, U.S. officials visited the protests, which, according to them, were simply sympathetic gestures that further made Putin anxious. Perhaps Putin believed Ukrainians were determined to join NATO at all costs and to stop this trend, Russia had to invade Ukraine, thereby weakening their zeal to join the West.
Pro-Western Ukrainians and their dilemma
Most Ukrainians feel much closer to the European Union than Russia or its WARSAW group—this led to significant conflicts in the Ukrainian territory. And since the war began in late February, countries that are partners with Ukraine have suddenly become neutral or refused to join the Russia-Ukraine conflict. But to help Ukrainians, they are sending weapons and taking economic and social measures to subdue Russia. And we had also seen Russian officials censoring their citizens to protect their strategies…
Why all this is a Game Changer for the Crypto space
By kicking Russia out of the SWIFT Banking system, it holds no value only if the Russian government uses crypto to perform its transactions. Yes, Russia could still do transactions with the rest of the world, and this is because crypto is censorship-resistant. IN ESSENCE, Bitcoin could very well be a valuable store of value other than the conventional monetary system in which the West has the upper hand.
Furthermore, it would be hard to stop businesses with Russian companies. Simply by using the innovative contract platforms, Russian companies are likely to continue their businesses without hiccups of any kind.
Additionally freezing bank accounts of Russians living outside Russia would hold no grounds. By simply using BTC and innovative contract platforms, Russia could store the value of its products and services and manage its stable coins without being censored in any way.
To explain this further, crypto exchanges are saying no to the decisions of the West in banning Russian banks and their companies. This is because crypto isn’t a strict franchise with no obligation of financial freedom like the conventional or traditional banking system. It is a franchise that provides unlimited space for people across the globe. And to unilaterally decide to ban people’s access to their crypto would fly in the face of why crypto has been dramatically accepted and, overall, its existence.
That said, some of you who may be reading this may be apt to think that perhaps crypto has been funding the Russian-Ukrainian war one way or the other simply because of this ‘acclaimed freedom.’ According to most reports, there is no evidence that crypto exchanges have increased the state of freedom economically in the Russian-Ukrainian war. Still, one thing is for sure the conflict has risen certain activities on the businesses themselves.
And the banning of the Russian government from social media platforms like Facebook, Twitter, and the likes it’s probably unnecessary. Russia could still use censorship-resistant media like Steemit, perhaps making them way more popular than it is today. Russia has the resources and the population; it also has the backup of WARSAW in its deeds and worries. WARSAW also has the resources and the people. So, if the West and the East do not find a way of coming together to settle the scuffle between them, there could very well be a large chasm in the world shortly, thereby affecting how socially and economically we are.
On the other hand, the West has primarily gained using its social media platforms to get information on the activities of the war, using social media tools like Facebook, YouTube, and Twitter. And Russia [as it’s reported] has been trying so hard to control them.
Ukraine has also been accepting crypto donations. On February 26th, Ukraine’s official Twitter account said it would be accepting donations in the form of cryptocurrency. At present, more than 18 million dollars have been raised in crypto for the country.
This has officially placed the country accepting donations in ETH [Ethereum], BTC [Bitcoin], and Tether. In contrast, DAOs [Decentralized autonomous organizations] have created and can take all other forms of crypto donations.
When it comes to how this is grandly influencing crypto, Verge reports that Tether is meant to be pegged to the American dollar but has been in high demand that it’s trading way above the dollar at 1.10 dollars.
And the upsurge in the use of crypto in the world has primarily been caused by the non-functioning credit cards, thereby making crypto the most feasible financial institution to fall on to.
All being said, as the threat of the Russian invasion of Ukraine lingers and continues to dominate the news, a look back at the long, intertwined history of the hostile neighbors would reveal how the stage was set for today’s conflict.
The two countries’ heritage goes way back more than a thousand years to when Kyiv, now Ukraine’s capital, was the top religious and economic center of the Slavic state, Kyivan Rus, the birthplace of both Russia and Ukraine.
However, the Russian-Ukrainian conflict as it concerns business has largely favored both sides and increased the importance of crypto. But that isn’t a win-win situation because, by the state of things at present, investors would also do well to expect increased regulation sooner than later. The Western authorities are pretty much concerned about how crypto can weaken economic sanctions but haven’t taken the necessary steps in addressing the problem.
Written by: Narender Charan