The Ukrainian government has been buying important supplies, including gas, food and military equipment, using cryptocurrencies, CoinDesk reported Monday (Feb. 28).<\/p>\n
The coins were donated during the Russian military invasion in the past week. There has been around $10 million spent so far, and the donations are being distributed from the government\u2019s digital wallets, set up by Kuna \u2014 a Kyiv, Ukraine-based crypto exchange \u2014 to other digital wallets.<\/p>\n
In other news, an analysis of crypto flows between personal and exchange wallets show a \u201clack of directional conviction,\u201d CoinDesk wrote Monday.<\/p>\n
According to Bank of America\u2019s Global Crypto and Digital Asset Strategist Alkesh Shah<\/a>, headwinds are likely as there\u2019s tightening by the Federal Reserve, although it probably won\u2019t be a \u201ccrypto winter,\u201d thanks to recent user adoption.<\/p>\n Furthermore, Mykhailo Fedorov, Ukrainian vice prime minister and minister of digital transformation, has requested that major crypto exchanges block Russian user addresses.<\/p>\n Fedorov made his request on Twitter, tweeting<\/a>: \u201cI\u2019m asking all major crypto exchanges to block addresses of Russian users. It\u2019s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.\u201d<\/span><\/p>\n The founder of crypto platform Kraken, Jesse Powell, retweeted Fedorov\u2019s request but added that Kraken \u201ccannot freeze the accounts of our Russian clients without a legal requirement to do so,\u201d adding that Russian users should be wary that command may be coming.<\/p>\n Binance, one of the biggest exchanges by volume, also said that it does not have plans to block Russian crypto addresses. However, if the sanctions are widened, it will follow them.<\/p>\n Speaking of Binance, the company has opened up a fundraiser<\/a> to support Ukraine during the invasion.<\/p>\n Binance said it\u2019s donating $10 million USD to major organizations and nongovernmental organizations (NGOs) on the ground, intending to provide relief for refugees and children, and it has invited users to donate crypto if they want to.<\/p>\n In other news, India\u2019s Supreme Court has asked a top government lawyer to help clarify the legality of cryptocurrencies, CoinDesk reported Monday.<\/p>\n Supreme Court Justice Surya Kant asked Aishwarya Bhati, the additional solicitor general, to explain the government\u2019s stance after proposals included a 30% tax on crypto trading \u2014 which brought some confusion over crypto\u2019s status.<\/p>\n The government lawyer said that in spite of the involvement of crypto, the legality wasn\u2019t a main issue, which the report said implied the government didn\u2019t have to reply.<\/p>\n Meanwhile, AMC Theaters customers will begin to be able to pay with dogecoin or other meme coins like shiba inu as of next month, according to a Monday CoinDesk report.<\/p>\n
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