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.

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“The conflict is bringing a tremendous amount of attention on the cryptocurrency industry, full stop,” said Alex Zerden, an Adjunct Senior Fellow at the Center for a New American Security. “A lot of people want to see what is going on to perpetuate their narrative or their views with respect to crypto. It’s reinforcing narratives, it’s not converting narratives right now.”

Read the full story and more from Bloomberg.