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Ukraine’s deputy prime minister asks crypto exchanges to stop serving Russian users

Ukraine’s deputy prime minister asks crypto exchanges to stop serving Russian users

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Answer Ukraine’s deputy prime minister asks crypto exchanges to stop serving Russian users

Deputy Prime Minister of Ukraine Mikhailo Fedorov has asked cryptocurrency exchanges to freeze all blockchain addresses of Russian users to help Ukraine defend itself from Russian invasion.

In his tweet on Sunday, Fedorov stressed the importance of cutting access to cryptocurrencies from Russian and Belarusian politicians, as well as from ordinary users.

The request comes on the heels of a series of sanctions against Russia by Western allies, including freezing the assets of Russia’s four largest banks and reducing dependence on Russian oil exports.

Crypto has become central to the conflict, providing a vehicle for financial support for Ukraine, and possibly Russia as well.

In October, Putin discussed using crypto as a payment method to transfer money from one place to another in the context of international trade.

Read:Bitcoin dominance drops below 45% and supply in exchanges continues to decline

Earlier this month, bitcoin was used to bypass Canadian financial restrictions that prohibit donations to the Freedom Caravan protest.

As a result, the bitcoin transactions managed to reach the protesting truck drivers, after which the funds linked to the exchanges were red flagged and frozen by order of the Canadian court.

Some see the Ukrainian deputy prime minister’s request as inconsistent with the policy and ethos of cryptocurrencies that promise universal access, neutrality and decentralization, while others argue that such a move can help reduce the damage of war.

Some in the crypto industry have explicitly chosen one side in the fray.

On Friday, one of the largest Ethereum mining pools stopped serving Russian users to support Ukraine.

The Deputy Prime Minister also supported the latest move of “DMarket”, the NFT platform, and Metaverse to freeze accounts of Russian and Belarusian users.

Likewise, other major figures, including Elon Musk and Mark Zuckerberg, have called for an end to the missions of colonizing Mars and creating a Ukraine-supporting metaverse instead.

Earlier, Fedorov also requested that Russian users be banned from Facebook and Instagram as well.

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