How the conflict in Ukraine is redefining the conversation around crypto

The focus on regulation is hardly surprising. For much of its history, Mosoff says that crypto has had a bad rap from people outside the community, pointing out how it is used to fund illegal activities or evade taxes. He argues that those negative attributes mean that talking about cryptocurrencies has made “people have a bad taste in their mouths”.

But as the tragedy of the Ukraine conflict unfolded, a large number of donations have been sent to support humanitarian and relief efforts on the ground. Mosoff says that by copying and pasting an address from the blockchain into their cellphone wallet, people with crypto assets are able to provide financial support in a way that has never been seen before.

“This shows that the technology itself is neutral. At its core, at the protocol level, it has no political agenda or cynicism,” he says. “It is really wonderful to see people realizing that it is being used differently. way it can be done.”

Despite the volatility associated with crypto, Mossoff says that crypto has been donated to Ukraine because the underpinning blockchain technology provides an alternative system of financial rail. Mosoff argues that the system is more efficient because it is free of the speed constraints and tollways associated with traditional wire transfers and sending money via the SWIFT network.

“Think of the Swift network and how bank and wire transfer services work today were originally put together. That system was never built from the ground up,” Mossoff says. “Those things just weren’t considered in the 24/7 world of hyperglobalization. So you have a duct-tape patchwork system of rails with a traditional financial system that’s too old.”