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10,000 Ukrainian Flags Minted as NFTs to be Sold on The Sandbox

by Blockchain NewsMarch 31, 2022

As the ongoing war between Russia and Ukraine enters its second month, a lot of people have stood with Ukraine, as its people and economy continue to suffer from the pangs of the destruction the war ushered in.

In a recent move, as many as 10,000 Ukrainian flags, modelled as Non-Fungible Tokens (NFTs) are up for sale on the Mauer website.

The project, which is targeted at raising funds to support the people of Ukraine most affected by the ongoing war, is dubbed, ‘Wave With Ukraine’. It is in collaboration with The Sandbox, the renowned blockchain gaming protocol.

Each Ukrainian NFT flag will cost $100 and will be for sale from March 30 to April 15. Per the cost price per unit NFT, and the associated total, the Wave with Ukraine NFT is poised to generate at most $1,000,000, all of which will be donated to charities vetted by MAUER’s Ukrainian employees in a bid to ensure that the raised funds make maximum impact.

As a way to allow massive participation, the NFT flags can be acquired through cryptocurrencies or by payment cards, both of which are supported by the Mauer platform. As a way to show solidarity, The Sandbox said it would match the raised funds dollar for dollar, meaning the project is expected to donate a total of $2 million if it receives the proper participation.

Ukraine has received more than $100 million in funding from the digital currency ecosystem alone. While mainstream governments have continued to support Ukraine with humanitarian funds, the solidarity that the digital currency ecosystem has shown has revealed how the nascent asset class can be used as a force for good.

With prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Solana (SOL) amongst those donated, NFTs have also shown it is equally viable as an asset in the donation scene.

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Ukraine Launches ‘NFT Museum’ to Remember the War and Raise Funds

by Blockchain NewsMarch 28, 2022

Ukraine’s Ministry of Digital Transformation announced last Friday that it has launched a MetaHistory NFT Museum, a blockchain-based collection of digital images of the Russian invasion of Ukraine.

The Ukrainian government launched a non-fungible-token (NFT) collection to tell the story of Russian ongoing war in which it invaded its neighbour since February 24.

Mykhailo Fedorov, Ukraine’s Vice Prime Minister who also runs the ministry of digital transformation, said that the collection is “like a museum of the Russian-Ukrainian war” that features a series of recent invasion events narrated in non-fungible tokens (NFT) in the form of digital art paired with written reflections.

NFTs are any digital items like GIFs, music, painting, drawing, etc., that are recorded on a Blockchain distributed database. NFTs are immutable, and this means that they cannot be modified or edited once uploaded.

Fedorov said each NFT art would represent a story from the war. Every piece of art would be backed by a reliable news source. “We want it to be cool, good-looking, and it takes time,” he stated. The executive said that minting the artwork in the form of NFTs will help preserve the story of the war while also raising funds for Ukraine.

Artists who want to be featured in the museum are allowed to submit a portfolio with their work. Art directors would then review such work to determine the suitability of a creator’s work. Successful artists will be given a particular historical event to create their work from, and after that, the museum will mint the final product as an NFT on the Ethereum blockchain.

Each NFT will sell for 0.15 Ether or just over $475. The funds will go directly to the Ministry of Digital Transformation’s crypto wallets and be used to facilitate humanitarian aid efforts in Ukraine.

Using Crypto Aid to Purchase Critical Supplies

Early this month, Ukraine announced plans to issue NFTs to fund its armed forces. The country made such an announcement after it recently started receiving an increasing number of crypto donations from individuals, businesses, corporations, and funders willing to support the Kyiv government.

On March 3, Mykhailo Fedorov hinted that the government would soon issue NFTs to help support its military. The government made the move after it cancelled its earlier plans to reward cryptocurrency donors with an airdrop, a free digital token normally used by the crypto community to encourage participation in a project.

Since the war began, Ukraine has received the majority of donations received in cryptocurrency, including Bitcoin and Ether and also raised more substantial sums through conventional means.

Ukraine has already received over $88 million in cryptocurrency donations alone. So far, the country has purchased supplies for its military with its crypto donations, including bulletproof vests, helmets, lunches, and medicines.

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Tagged : Museum / NFT / Ukraine / War

Ukraine Launches ‘NFT Museum’ to Remember the War and Raise Funds

by Blockchain NewsMarch 28, 2022

Ukraine’s Ministry of Digital Transformation announced last Friday that it has launched a MetaHistory NFT Museum, a blockchain-based collection of digital images of the Russian invasion of Ukraine.

The Ukrainian government launched a non-fungible-token (NFT) collection to tell the story of Russian ongoing war in which it invaded its neighbour since February 24.

Using Crypto Aid to Purchase Critical Supplies

Early this month, Ukraine announced plans to issue NFTS to fund its armed forces. The country made such an announcement after it recently started receiving an increasing number of crypto donations from individuals, businesses, corporations, and funders willing to support the Kyiv government.

Since the war began, Ukraine has received the majority of donations received in cryptocurrency, including Bitcoin and Ether and also raised more substantial sums through conventional means.

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Tagged : News / NFT MUSEUM / RAISE FUNDS / Ukraine

BlackRock CEO Believes Russia-Ukraine War in Boosting Crypto Adoption

by Blockchain NewsMarch 25, 2022

BlackRock Chairman and Chief Executive Officer Larry Fink has lent his voice to describe the role of digital currencies in the ongoing war between Russia and Ukraine.

In a letter to Shareholders on Thursday, Larry criticized Russia’s invasion of Ukraine, noting that it has set back about 30 years of globalization efforts.

Of particular note is the acknowledgement of the role of digital currencies which he noted will help many countries record a paradigm shift in their view and approach to the nascent asset class. An excerpt of Larry’s letter reads:

“A less discussed aspect of the war is its potential impact on accelerating digital currencies. The war will prompt countries to re-evaluate their currency dependencies. Even before the war, several governments were looking to play a more active role in digital currencies and define the regulatory frameworks under which they operate,”

As correctly observed, digital currencies came to Ukraine’s aid when the country called for help with more than $30 million contributed by the broader community to support the country’s efforts in repelling Russian forces. From Bitcoin (BTC) to Dogecoin (DOGE), and Non-Fungible Tokens (NFT), the backing the crypto ecosystem gave to the Ukrainian people has not gone unnoticed.

Larry identified the move by many Central Banks to float a digital version of their currencies, a move that is poised to stem the dominance of cryptocurrencies in the emerging payment ecosystem. In Larry’s belief, crypto can help cut down the cost of transactions as well as in remittances. This obvious superior outlook has cemented BlackRock’s resolve to continually embrace digital currency innovations as it has done in time past.

“A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption,” Larry said, concluding his talk on digital currencies, adding that “Digital currencies can also help bring down costs of cross-border payments, for example when expatriate workers send earnings back to their families.”

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Tagged : Blackrock / Cryptoeconomics / Digital Currency / LARRY FINK / Ukraine

Cryptoassets Use in Ukraine War under Scrutiny by Global Regulators: Reuters

by Blockchain NewsMarch 22, 2022

The use of crypto assets is being closely watched by global financial regulators amid the war in Ukraine after worry about its use to evade Western sanctions on Russia, according to Reuters.

U.S. and European lawmakers have sent out multiple warnings to digital asset companies asking them to comply with Western financial sanctions imposed on Russia after it invaded Ukraine. However, reports have said that the $1.8 trillion crypto sector has not completely accepted the requests from lawmakers.

Crypto exchanges have turned a blind eye to orders for a cut off of all Russian users, which has given rise to concerns that Russia could use cryptocurrencies as a loophole to navigate around sanctions that have been put upon the country by the United States and Europe, according to a report by Blockchain.News.

David Schwimmer, LSEG’s chief executive officer, said that crypto exchanges are stuck in between either abiding by the philosophy of independence from regulation or supporting the centralised system of global finance – which calls for the requirement of regulation and transparent frameworks.

Another report by Blockchain.News said that Russians with strong social connections, who are under international sanctions for the invasion of Ukraine, have been using cryptocurrencies to launder their wealth.

Crypto watchdog firm Elliptic said that it found millions of crypto addresses connected to criminal activity and 400 digital asset providers who help users buy cryptocurrencies using rubles.

According to Reuters, some crypto exchanges have rejected calls to cut off all Russian users, raising concerns that crypto could be used as a way to circumvent sanctions.

On the flip side, Ukraine has raised more than $100 million in cryptocurrencies after calling for help on social media for donations to aid their military and humanitarian needs in bitcoin and other digital tokens.

“We at the FSB are monitoring the situation, the conflict situation relative to cryptos,” Patrick Armstrong, a member of the Financial Stability Board’s (FSB) secretariat, told a City & Financial conference in London.

Armstrong said that the FSB – which groups financial regulators, central banks and finance ministry officials from the Group of 20 economies – is sharing the information it obtains among its members.

To block potential sanctions loopholes, the European Union issued guidance on March 9 informing companies that sanctions on loans and credits include crypto assets.

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Tagged : Bitcoin / Blockchain / Crypto / Cryptocurrency / FSB / News / Russia / Ukraine / War

Ukraine’s Largest Bank Privatbank Suspends Money Transfers to Crypto Exchanges amid Martial Law

by Blockchain NewsMarch 21, 2022

Privatbank, the largest commercial bank in Ukraine regarding assets, has suspended money transfers to crypto exchanges.

Privatbank announced last Friday that it has temporarily restricted its customers from purchasing Bitcoin using the national fiat currency, the Ukrainian hryvnia (UAH). The temporary ban was extended since March 15.

PrivatBank restrictions come as it complies with an order from the National Bank of Ukraine. On February 24, the Central Bank of Ukraine published measures and restrictions under martial law. Typically, martial law refers to temporary military control over normal civil functions and civil law.

On February 24, Ukrainian President Volodymyr Zelensky addressed the country of Ukraine and announced martial law for 30 days in response to the Russian invasion. On March 15, President Zelensky extended martial law in Ukraine from March 26 for 30 days.

Under the order by the Central Bank, Ukrainian banks are expected to limit cash withdrawals from customers’ accounts to UAH 100,000 per day (approximately $3,400 daily). The hryvnia’s exchange rate is also fixed. Furthermore, banks are prohibited from carrying out cross-border transfers of currency from Ukraine, and this is on behalf of customers. Transferring money for use on crypto exchanges is no exception. The banks have restricted their customers from transferring funds in the national fiat currency to cryptocurrency exchanges.

As a result, PrivatBank has taken several steps to keep financial stability under martial law, increasing withdrawal limits and providing credit holidays.

Some of the largest local banks have reportedly banned their customers from buying Bitcoin using the national currency. While major banks have restricted clients from buying cryptocurrency, some major Ukrainian crypto exchanges still support Bitcoin purchases with UAH.

Crypto plays a vital role

Cryptocurrencies have become legal in Ukraine after President Volodymyr Zelenskyy signed a new bill into law on Thursday. The move lets national and foreign crypto exchanges operate legally and also gives local banks the authority to open cryptocurrency accounts.

The law’s passage comes as Ukraine has obtained hundreds of millions in crypto donations since Russia’s war with the country started.

After the president signed the law, Mykhailo Fedorov, Ukraine’s minister of digital transformation, stated, “the signing of this law by the President is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

Crypto users who would like to donate digital assets to the nation can now do so through an official donation program run by the Ukrainian government. The government’s goal is to raise $200 million in crypto donations. The government has obtained just over $55 million worth, as of the time of this writing.

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Tagged : Cryptocurrency / Exchanges / MARTIAL LAW / Money / PRIVATBANK / TRANSFERS / Ukraine

LSG Group Says Crypto Exchanges Dealing in Russia Could See Setbacks

by Blockchain NewsMarch 17, 2022

The head of the London Stock Exchange Group said that cryptocurrency exchanges engaging with Russia could see negative consequences as Western governments look for ways to tackle Moscow’s invasion of Ukraine.

Crypto exchanges have turned a blind eye to orders for a cut off of all Russian users, which has given rise to concerns that Russia could use cryptocurrencies as a loophole to navigate around sanctions that have been put upon the country by the United States and Europe.

“If that industry is seen as a bad actor … on the implementation of, or the avoidance of, sanctions in terms with what’s going on with Russia, I think that would have a long-term impact in terms of how that industry is perceived,” he said at a conference hosted by the Futures Industry Association in Boca Raton, Florida.

Recently, Japan has also urged crypto exchanges to stop business in Russia.

Following concerns from the Group of Seven (G7) nations, the country requested crypto exchanges to cancel transactions of crypto assets that are subject to asset-freeze sanctions against Russia and Belarus, Reuters reported citing national officials.

Blockchain.News reported that concerns among the G7 economies have been growing. They believe that the Russian government uses cryptocurrencies to tackle financial sanctions imposed upon the country for invading Ukraine.

Meanwhile, payment operators have already been following the orders of sanctions issued by the U.S.

American Express, Visa, Mastercard, and PayPal have announced the suspension of their operations in Russia in protest of its ongoing invasion of Ukraine.

The report added that four operators stated that cards issued by them would no longer function at shops or ATMs in Russia, and that also means customers will no longer be able to use their Russian cards abroad or for international payments.

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Tagged : Bitcoin / Blockchain / Crypto / Cryptocurrency / CRYPTOEXCHANGE / Exchanges / LSE / Russia / Ukraine

The Russia-Ukraine War Might Accelerate CBDC Issuance, Former BOJ Official Says

by Blockchain NewsMarch 17, 2022

The sanctions slapped on Russia based on its invasion of Ukraine might prompt more nations to adopt central bank digital currencies (CBDCs) as a shield against the U.S. dollar’s supremacy in the global financial system, according to the former Bank of Japan (BOJ) executive Hiromi Yamaoka.

China has already set the ball rolling with its digital yuan. Yamaoka noted:

“While sanctions using financial infrastructure are necessary in extreme cases like the Ukraine crisis, they are ‘emergency means’ that should not be overused.”

With U.S. allies like Japan joining the sanctions, Yamaoka believes a situation that pushed Russia into default was intentionally developed.

He pointed out:

“The most effective, powerful weapon was the freezing of Russia’s foreign reserves.”

Following concerns from the Group of Seven (G7) nations, Japan recently requested crypto exchanges to cancel transactions of crypto assets that were subject to asset-freeze sanctions against Russia and Belarus.

Yamaoka stated that national security and defence would become key issues when discussing CBDCs. He added:

“There’s a chance a country like China could promote usage of digital yuan for cross-border transactions and create a currency bloc to counter the dollar’s dominance.”

During his BOJ tenure, Yamaoka was the head of the payment and settlement systems department. Therefore, he is well versed in CBDC and global settlement affairs.

Likewise, speaking on CNBC’s Squawk Box Asia Monday, financial technology consultant and author Richard Turrin shared similar sentiments that China’s digital yuan could counter the dollar’s dominance in international trade settlements this decade.

He stated:

“Remember, China is the largest trading country, and you’re going to see digital yuan slowly supplant the dollar when buying things from China.”

Turrin added that there was a high likelihood nations would seek other payment channels to stop the current dollar dependence as part of the “risk management exercise.”

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Tagged : CBDC / Central Bank Digital Currency / Digital Yuan / FinTech / Money / Russia / Sanctions / U.S. Dollar / Ukraine

Ukrainian President Signs Law to Establish Regulatory Framework for Crypto

by Blockchain NewsMarch 17, 2022

Amidst the ongoing war on its shores, Volodymyr Zelenskyy has signed into law the bill that will legalize digital currencies in the country.

According to a press release published by the Ministry of Digital Transformation, the new law helps in creating conditions for the launch of a legal market for virtual assets in Ukraine.

The new industry will be regulated by the National Securities and Stock Market Commission, which re-affirms the determination by the government “towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

According to the Ministry’s announcement, the new law helped in determining the legal status, classification, and ownership of virtual assets; determines market regulators which include the National Bank of Ukraine and the National Commission on Securities and Stock Market. Additionally, the law creates conditions for further formation of the legal field in the market of virtual assets; determines the list of providers of virtual assets and conditions of their registration; and in all, provides for the implementation of financial monitoring measures in the field of virtual assets.

While Bitcoin (BTC) and the host of digital assets are not legal tenders in Ukraine, the country’s determination to legalize digital currencies complements the passage of the bill by the Ukrainian parliament on February 17 amidst the ongoing geopolitical tension with Russia at the time. With the tension aggravating into a full-blown war, the digital currency ecosystem has rallied around Ukraine with donations flowing in through BTC, Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Tron (TRX), and even Non-Fungible Tokens (NFTs).

The positive disposition of Ukraine towards digital currencies paid off, and Zelenskyy’s signing of the bill shows the recognition of the hidden potentials digital currencies possess in transforming the payment and investment landscape. From El Salvador to Ukraine, the list of nations legalizing Bitcoin has continued to grow with more fated soon.

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Tagged : Crypto Donations / NFT / Regulation / Ukraine

Ukraine Receives Military Supplies via Crypto Donation

by Blockchain NewsMarch 14, 2022

Cryptocurrencies undoubtedly came to the rescue when Ukraine called for donations through it as its territories were invaded by Russia almost late last month.

With more than $100 million donated so far, Ukraine’s deputy minister of Digital Transformation, Alex Bornyakov, has detailed how much has been spent out of the donated funds thus far.

Speaking to Bloomberg recently, Bornyakov said as much as $15 million he has used in buying bulletproof vests, 500 helmets and as many as 410,000 lunch packs for the Ukrainian army. Most of these supplies were delivered just past Friday.

The total donations to the Ukrainian war effort came in the form of Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL), and Dogecoin (DOGE). Besides these mainstream cryptocurrencies, a number of Non-Fungible Tokens (NFTs) have also been donated to the Ukrainian government, including a Bored Ape Yacht Club (BAYC).

The report has it that some of the military supplies received by the Ukrainian government were paid for in digital currencies, another proof of how well cryptocurrencies can be utilized. However, the government has no plans to sell off the Bored Ape NFT in its wallet. The CryptoPunk #5364 NFT was last sold for 16.2 Ethers, worth over $43,000 in current prices. However, the Bored Ape collection now has a floor price of 97 ETH worth approximately $250,000 in current prices.

“Yes, someone donated us a CryptoPunk, but it’s so hard to sell, we haven’t used it at this point,” Bornyakov said. “We are going to keep it for now. We appreciate every support that people are trying to give. What’s important is people’s awareness. They see what’s going on, and they are trying to help. We will work with NFTs a little bit later. We are focused on things we can deal with right now. There’s no time to figure out how to convert them. Maybe once things settle down, we’ll figure this out.”

With more crypto funds flowing into the Ukrainian government wallet, digital currencies’ decentralized and censorship-free nature was well pronounced throughout this war period.

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Tagged : Crypto / Donations / NFT / Politics / Ukraine / War