Russia city Moscow Usa Ukraine 2020 reports information Russia city Moscow Usa Ukraine

Crypto donations soar to groups backing Ukraine's government: Report

Reading now: 462
www.channelnewsasia.com

LONDON: Bitcoin donations have soared to Ukrainian volunteer and hacking groups, some of which have supplied equipment to government forces, according to a report showing such groups received more than US$550,000 worth of cryptocurrency in 2021.The report, published on Tuesday by blockchain researcher Elliptic, suggests digital currencies are growing in importance as a funding method for volunteer groups backing Ukraine's government as fears of an attack by Russian troops massed near its border grow.

Moscow denies planning an attack.Cryptocurrency worth just $6,000 was raised by the groups in 2020, Elliptic said.Cryptocurrencies can be sent and received anonymously, allowing organisations to raise money even if financial firms do not allow - or impose strict checks on - transfers of funds."Cryptocurrency has proved to be a robust and growing alternative (to traditional currency) - especially when it comes to donations from other countries," Elliptic said.In 2020, Ukraine tightened checks to curb money laundering, demanding ID verification for some domestic cash transfers.

Cross-border transfers are also subject to mandatory monitoring, according to the Ukrainian National Bar Association.Elliptic tracks the movement of cryptocurrency on the blockchain for financial firms and government agencies.

Read more on channelnewsasia.com
The website meaws.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA