Crypto’s war test leaves future of money debate wide open
Crypto had already been seeping into every corner of culture and conversation. Then came Russia’s invasion of Ukraine, and crypto went to war, too.The sector’s involvement in the war has showcased the development and maturity of digital assets while reviving — without resolving — the debate about their role in the global financial system.
As Russia invaded Ukraine, the world participated real-time in the financing of a standing army with cryptocurrency donations that funded military supplies for Ukraine.
Digital currencies lived up to their reputation for easily moving money across international borders but simultaneously set off a debate about whether they can be used to evade sanctions.
Meanwhile, crypto exchanges were thrust into the spotlight as the industry grappled with decisions on whether the restrictions imposed by Western nations applied to them and how to monitor transactions of certain customers.
