Russia’s biggest bank Sberbank is in the news for its decision to continue its plans to launch its decentralized finance (DeFi) platform on Ethereum. The DeFi platform is already undergoing testing in private beta. Towards the end of April or the start of May, customers will be able to make commercial transactions. Ethereum is a fitting Blockchain for the platform, given that it will be able to pair with wallets like MetaMask.

Sberbank has repeatedly been vocal about merging its own country’s blockchain ecosystem with Ethereum’s Decentralized finance ecosystem. Pushback from Russia’s centralized banks has done little to stifle pro-DeFi views from people like Konstantin Klimenko.

The product director of Sberbank’s blockchain lab Konstantin Klimenko, makes clear his beliefs in DeFi. He declared that DeFi technology will take the place of traditional banks. Klimenko detailed.

We have set ourselves a big goal – to make the Russian DeFi ecosystem number one (decentralized finance system – IF). Our network is now operating in the format of closed beta testing. (…) From March 1, we will move to the next phase; it will no longer be beta testing, but open testing at the end of April, the platform will be fully open, and then it will be possible to make some commercial operations on it.

Ethereum is on the way to an unprecedented price point

Ethereum is in luck yet again. The adoption of Ethereum in any area is bound to favor the network. In terms of price performance, there is every chance that Ethereum’s native token ETH can be rewarded because of adoption.

Presently, Ethereum’s price is still looking attractive in the market. At the time of this writing, Ethereum is one of the few alternative assets that is blinking in green. 7 days performance is positive, and ETH’s gain within that time is above 6%.

Ethereum’s price has not yet towered $2,000. However, an upcoming Shanghai upgrade scheduled for March could do wonders for the price. ETH could go from current price levels of $1,677 to $2,000 and above.

Technical analysts are paying attention to ETH. One of said analysts who go by the name RookieXBT thinks that this week holds many possibilities for Ethereum’s price. He observed in a tweet.

I think Ethereum goes up this week. We got all the important earnings and macro obstacles out of the way – not much shenanigans for another couple weeks.Expecting minor outperformance relative to Bitcoin given how the pair looks.

Der Beitrag Russia’s biggest Bank to launch DeFi plattform on Ethereum – Can it drive ETH price to $2,000? erschien zuerst auf Crypto News Flash.

Over the weekend, Russian President Vladimir Putin raised the proposal of building a new blockchain-based global payments system for international settlements. Putin said that the new system shall involve a digital currency for transactions and must be independent of banks and third-party interferences.

The latest announcement from the Russian President came while speaking at a Sberbank-organized artificial intelligence conference. Mr. Putin said that the existing global payments and financial transactions between countries are in jeopardy.

This has been mainly due to the rising tensions between Russia and the West. Also, since the Ukraine invasion, the West has cut off Russia from the SWIFT banking systems. The sanctions have also prohibited Russia from accessing billions of dollars of its own reserves placed in global banks. Speaking on the development, President Putin said:

We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices.

Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system for international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries.

Vladimir Putin finds flaws in the current system

During his speech at the conference, President Putin also spotted the flaws in the current financial system. He noted that the existing international payment method is pretty expensive. Additionally, Mr. Putin blamed the financial groups controlling international settlements for its high costs.

Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial groups,

Putin called the Western sanctions on Russia illegitimate. He also said that the international settlements have become the new weapon for the west and a point of attack. “And our financial institutions know this better than anyone because they are exposed to these practices,” he added.

Earlier this year in March, the Bank of Internal Settlements (BIS) suspended Russia from using its services. Since then Russia has been making several pro-crypto moves showing the likelihood of crypto adoption. It has been also working on ways to legalize crypto use in the country.

This is quite an early stage development and we are not sure what plans Russia exactly holds. However, banks across the globe have started adopting the XRP for facilitating cross-border payments. Considering Ripple is based out of San Francisco, USA, it is not clear whether Russia will accept this payment system.

Der Beitrag Putin wants to create new worldwide payment system – Is Ripple and XRP involved? erschien zuerst auf Crypto News Flash.

• Morocco is also reviewing its money laundering and anti-terrorism financial regulations in the country.

Russia has maintained a strong stance against crypto with the Central Bank raising serious concern over the financial instability threat posed by the digital assets. However, the unprecedented sanctions imposed on the country have left it with no option but to take a soft decision on cryptos. Even though Elvira Nabiullina, the head of the Central bank of Russia recently reiterated her stance that crypto has no place in the Russian financial system, she clarified that it can be used for foreign trade and activities.

In February, Russia permitted the blockchain platform Atomyze Russia to operate. That is the first-ever license given to a platform to exchange digital assets. Dominant lender Sberbank soon obtained its license to operate in the country.

In the latest development, lawmakers in Russia have approved a draft law that could potentially exempt digital assets and crypto issuers from Value-Added Tax (VAT).

In the approved draft law, the second and third readings on Tuesday considered exemptions on value-added tax for issuers of digital assets and information systems operators involved, and It establishes tax rates on income earned from the sale of digital assets.

The draft law further specifies the tax rate on income earned on the sale of digital assets. It is important to note that the current rate on transactions is 20 percent, similar to standard assets. However, this would be reduced to 13 percent for Russian companies and 15 percent for foreign companies under the new law. Despite their approval, it needs to pass a review by the upper house and be signed by President Vladimir Putin to take effect as a law. 

Morocco working on a crypto regulation framework

Following in the footsteps of other countries that are trying to come up with regulatory certainty for cryptos, the head of Moroccan Central Bank Abdellatif Jouahri, disclosed that the country will soon present a crypto regulation framework bill for approval. According to him, they seek to review the Moroccan money laundering and anti-terrorism financial regulations in the country.

The central bank committee working on the bill is the Crypto Regulation Best Practices committee and according to the governor of Bank Al-Maghrib (BAM) Jouahri, both the International Monetary Fund (IMF) and the World Bank would be engaged to work out appropriate benchmarks for regulation.

In a bid to come up with the perfect legal framework, the country is in talks with the Central Banks of France, Sweden, and Switzerland on the best practices for the regulation.

Financial authorities in Morocco have always issued warnings on the risk that comes with the usage of cryptos. The supposed risk influenced the central bank’s decision to ban crypto trading. However, the bank admitted that the country may adopt the asset class in the future. 

Der Beitrag Crypto issuers exempted from VAT in Russia in a newly approved draft law erschien zuerst auf Crypto News Flash.

Russia will eventually legalize cryptocurrencies within its jurisdiction, an official from the Ministry of Industry and Trade of the Russian Federation asserts.

Of note, certain events have pointed to the coming of such a ruling this year. One such significant happening is Russia’s invasion of Ukraine. The consequences of its war crime have been vast sanctions, which have forced it to resort to an alternative currency.

In late March, an official from the country’s energy committee said it was open to accepting Bitcoin payments for oil and gas exports. Thereafter, Russia’s finance ministry recommended making crypto legal tender in an April bill. In the same month, the Russian Cabinet of Ministers introduced to the State Duma a bill regarding crypto taxation.

Russia to legalize cryptocurrencies “sooner or later”

But even with these developments, Russia is yet to formulate any direct policy on cryptocurrencies. While at this week’s New Horizon educational forum, the local media station TASS questioned Denis Manturov on the same. A translated response reads:

I think so. The question is when this will happen, how it will happen, and how it will be regulated. Now both the Central Bank and the government are actively engaged in this. But everyone is inclined to understand that this is a trend of the time, and sooner or later in one format or another, it will be carried out.

“But, once again, it must be legal, correct, [and]in accordance with the rules that will be formulated,” he added.

The 180-degree turn

Manturov’s statement highlights a major twist in the perception regarding cryptocurrencies in Russia. 

Just in January, the Central Bank of Russia (CBR), called for an outright crypto ban. Like many other central banks worldwide, the bank cited “financial stability risks” regarding the digital asset sector. 

Additionally, President Vladimir Putin held similar opinions to the CBR. The bank’s Governor, Elvira Nabiullina, even went as far as saying responsible governments stay away from cryptocurrencies.

Now, with the prevailing feud, the CBR has taken back its harsh stance. The bank has admitted that its former judgment of the digital asset industry may have stifled, rather than grow it.

Putin too has changed his mindset, saying the nation’s cheap energy offers a competitive advantage for crypto mining.

Nabiullina now remarks that the unforgiving sanctions placed upon Russia may have fueled a change in its crypto views. Russia is now looking to transform its crypto market into a “working state.”

A challenge would be additional sanctions from crypto exchanges. Binance has already sanctioned individuals whose accounts hold more than $10,000. Other similar firms, however, are adamant that they would only take such actions on legal grounds. The likes of Coinbase maintain that crypto is a “lifeline” to many Russians.

Read More: Coinbase, Kraken, and Binance refuse to freeze Russian crypto accounts

Der Beitrag Russia to legalize cryptocurrencies sooner or later, trade minister confirms erschien zuerst auf Crypto News Flash.

• According to a report, the Finland government is weighing how to ensure criminals do not hijack the transaction.

Ukraine has in the past couple of months received donations from individuals, organizations, and countries in their defense against Russia. According to a recent report, the Finnish government has pledged to donate a significant portion of Bitcoin seized from criminal investigations relating to doping and drug trafficking to the country. 

The Finland customs authorities have confiscated 1981 Bitcoins and have been ordered by the court to be handed over to the state. Though the country is yet to decide on the amount to be donated to the Ukraine relief fund, the Finland government has assured that a decision has been made to donate a significant amount of the money to the country.

According to the report, the government is weighing how to donate to prevent criminals from hijacking the transaction. It was further reported that the final decision will be made by the end of May as the cabinet is still discussing the matter.

Last year, Finland announced a decision to auction confiscated Bitcoins dating back to 2016 when a major drug bust saw the confiscation of 1666 Bitcoins. 

Ukraine sees more donations in Bitcoins

According to the Finnish finance minister Annika Saarikko, they will have to first present it to Parliament in the upcoming supplementary budget. After it is approved, they will auction them in the spring or early summer, which means the donation will take time according to the Director of Finances Pekka Pylkkänen.

Our current intention is to make available to brokers for liquidation the legally enforceable virtual currencies held by Customs, around 1,890 Bitcoin, during the spring or early summer. The money will be remitted to the state as usual, as will all other assets seized by Customs.

As of last month, the Ukrainian government and an NGO providing support for the military had raised about $63.8 million from over 120,000 crypto asset donations since the invasion. This was after the Ukrainian government pleaded for donations in crypto assets through its official Twitter account. It is estimated that the majority of the donations received come in Bitcoin and Ethereum, though US dollar Stablecoin has contributed a large portion. Donations are not only made in cryptos. Many donations have also been made in NFTs to the Ethereum accounts of the Ukrainian government.

It is also reported that the Ukrainian government had spent about €42 million ($44 million) on its crypto donations. Some of the funds were used to acquire drones, helmets, body armor, and other unspecified lethal equipment. Aid for Ukraine has disclosed that it had received donations in cryptos worth over $60 million.

Recently, it was disclosed that scammers have also taken advantage of the situation to trick people into donating to the wrong address through different kinds of campaigns.

Der Beitrag Finnish government to donate significant amount of confiscated Bitcoin to Ukraine erschien zuerst auf Crypto News Flash.

After exposing Binance’s willingness to sidestep regulations and the CEO’s involvement in steering the exchange to aggressive growth that cared little about compliance, Reuters has unearthed yet another shady Binance undertaking. This time it’s in Russia, with the exchange reportedly cozying up with President Vladimir Putin’s government and betraying the trust of its users.

Binance’s tale in Russia stretches back several months as the exchange strived to become the largest in the country in the midst of a crypto crackdown. At the center of it all is Gleb Kostarev, the head of Eastern Europe and Russia at the exchange, which is the largest in the world in trading volume.

The outlet reports that Kostarev has been the link between the Russian government and Binance, meeting up with officials in some of the government’s topmost agencies and conveying their demands to the exchange.

In one such instance, Kostarev met with leaders of the Rosfinmonitoring, the country’s financial intelligence agency which is known to be under the Federal Security Service (FSB), the successor of the infamous KGB. At the meeting, the Rosfin, as it’s popularly known, demanded that Binance shares its user data with the agency to supposedly fight crime.

Kostarev consented to the Rosfin demands, without inquiring on how else the data would be used other than fighting crime. According to text messages which he sent to one of his business associates, which Reuters accessed, Kostarev claims he felt he didn’t have much of a choice.

The Ukraine war, crypto ban and Binance dalliance with Putin’s government

Russia was one of the most promising markets in the crypto industry for months, with the trading volume setting new records every other month. However, everything changed when Putin invaded Ukraine. Almost overnight, many global giants were shunning Russia, from tech giants like Spotify to banking conglomerates.

Crypto was under a lot of pressure to do the same, but a number of big exchanges refused to shun Russian and Belarusian users. Coinbase, Kraken and even Binance all stood their ground, saying shunning Russians would be oppressive in itself. This was even after Ukrainian leaders called on the exchanges to cut off their oppressors.

Reated: Ukraine crypto exchange founder accuses Binance of working in support of the Russian government

Behind the scenes, Binance stopped working with the Russian government, at least according to legal representatives for the exchange who told Reuters that “active engagement with the Russian government has now stopped due to the conflict.”

For the likes of Coinbase and Kraken, claiming that they would continue to support Russian users was more of a public relations stunt than an actual stand. After all, they barely get any trading volumes from the country. For Binance, the stand had vast consequences. The exchange is the largest in the country, with some estimates putting its dominance at four-fifths of the market.

As far back as 2019, CZ was in Russia, urging citizens not to be slaves to the traditional banking system. He made a deal with Rosfin, the FSB agency, to open a local subsidiary to serve Russia. Part of the deal was that the local unit would give Rosfin unlimited access to user data.

When asked by Reuters about the progress, it gave a uniform response claiming:

Should we consider establishing a local entity in Russia in the future, Binance will never share data without a legitimate law enforcement request.

In Russia, there’s an added layer of intrigue brought about by the use of cryptos by the country’s opposition leader Alexei Navalny. The leader has been in prison for months now, accused by the Putin administration of terror acts, an act that has been condemned by international agencies and most Western nations.

After surviving an assassination attempt, he was sentenced to nine years in prison last month and consequently, had his formal banking channels seized and canceled. Leonid Volkov, Navalny’s chief of staff, has since then urged his supporters to donate through Bitcoin.

Binance has been a key channel for the camp, with Volkov personally showing users how to open accounts on Binance and donate. He told supporters that crypto is one of the few ways that the government can’t crack down on them. But according to Reuters, he was wrong and Putin’s administration has been in possession of Binance users’ data all along.

“These people will be in danger,” Volkov says, adding that Binance should “never do anything with the Russian government” if it wants to protect its users.

The one sentiment on Binance sympathizers’ minds has to be, “But Binance didn’t have a choice.” Well, according to sources, there were other exchanges that were asked to betray their users but they refused. In fact, one of them, EXMO, even chose to leave Russia and sell its operations in the country rather than betray its users.

Text messages also show that Rosfin had invited OKX to one of its meetings. However, OKX refused to attend the meeting, a spokesperson revealed.

Binance has denied any accusations of colluding with Kremlin. In a statement, it said:

Suggestions that Binance shared any user data, including Alexei Navalny, with Russian FSB controlled agencies and Russian regulators are categorically false. 

“Binance has not entered into any form of agreement with the Russian government that differs from any other jurisdiction – these obligations are ordinary and any traditional bank for example would be subject to the same requirements,” it added.

Der Beitrag Binance shared user data with Russian gov’t, including on the country’s opposition leader: Reuters erschien zuerst auf Crypto News Flash.

Some provisions of the draft law were clarified and specified, including those related to the activities of digital mining, according to the message on the website of the Ministry.

The document provides for the creation of comprehensive regulation of the cryptocurrency market, including the order of transactions with digital currencies and their issue, as well as determining the specifics of the activities of the subjects of the cryptocurrency market.

The document clarifies the features of VAT for operations on the sale of digital assets, corporate income tax, as well as personal income tax on profits and income of taxpayers from the sale of digital assets.

Under the bill, VAT will be subject to the services of information systems operators, which issue digital financial assets (DFA), as well as exchange operators of digital financial assets for the admission of digital rights.

The financial result of transactions with CFA is determined on the date of income payment separately for each transaction and for their totality.

The tax base for transactions with securities not traded on the organized securities market may be reduced by the amount of loss on transactions with CFA.

Upon realization of digital rights which include both security and utility tokens, the tax base shall be determined as the difference between the price of realization and acquisition of the said digital right with the tax amount taken into account.

The tax on income of Russian organizations owning digital rights will be 13 percent, for foreign companies – 15 percent.

CFA issuer has until February 1, 2023, to submit a report to the tax authorities on transactions made during the year 2022 with CFA and individuals who were parties to the transaction.

Recall, that amendments to the tax code concerning the taxation of transactions with cryptoassets may be adopted in parallel with the draft law “On digital currency”. The latter provides for transactions with cryptocurrencies through Russian banks, identification of holders of cryptocurrency wallets and separation of investors by qualification.

Reaction of crypto-community

This news was warmly received by the cryptocurrency community. Binance CEO Changpeng “CZ” Zhao wrote a post on Twitter, “Russia will legalize crypto for payments. Surprise surprise.”

But then he had to delete the post because the information turned out to be unconfirmed. A local Russian online newspaper “Коммерсантъ” published an article with information about the allegedly final version of the document. The document enshrines the digital currency-related terminology, the regulatory framework for its circulation and issuance, and a number of other aspects. It introduces a large number of requirements for identification, accounting and certification, but, as noted by the interviewed experts, these requirements will not affect transactions with cryptocurrency outside of the Russian information infrastructure.

By the way, in case of full legalization of digital assets, Russia will be able to use cryptocurrencies, such as bitcoin, to receive payment for gas and oil exports under sanctions.

Explosive.

Russia is now demanding that Europe pay for gas in rubles.

Europe gets 40% of its gas from Russia. That’s 200-800 million euros per day.

Putin is basically saying: you want to play sanctions? Either pay up in rubles or freeze.

— Richard Medhurst (@richimedhurst) March 23, 2022

Der Beitrag Russia reviews bill that could see crypto legalized in the country erschien zuerst auf Crypto News Flash.

The crackdown on Russia is about to get even tighter as one of the world’s largest crypto markets revises its crypto exchange laws to end any loopholes that President Vladimir Putin and his cronies might be looking to exploit.

Japanese Prime Minister Fumio Kishida called for the exchange law to be amended today, March 28. Speaking during a parliamentary session, Kishida also called on Japan to work more closely together with its Western allies to ensure that Russia has no way of circumventing the crippling sanctions that the U.S, the EU, and other economic powerhouses have imposed.

Kishida’s government will submit a revision of the Foreign Exchange Act and Foreign Trade Act to the legislature in its current session, Chief Cabinet Secretary Hirokazu Matsuno further revealed during a press conference.

So far, the proposed amendments to the bill haven’t been revealed. One Finance Ministry official told Reuters that these amendments are being discussed currently by top officials in the government, but couldn’t provide any further details.

However, one economist told the outlet that he believes the amendments will be geared towards bringing crypto exchanges under the same scrutiny as commercial banks, a move that’s being considered elsewhere, although for different reasons.

Saisuke Sakai, the senior economist at Mizuho Research and Technologies, remarked, “The revision presumably enables the government to apply the law to crypto-asset exchanges like banks and oblige them to scrutinize whether their clients are Russian sanction targets.”

Japan has been one of the many nations that have cracked down on Russia as a punitive measure for its invasion of Ukraine, which the Putin government still brands as a “special military operation,” despite possibly losing 15,000 troops in Ukraine.

Following the invasion, Japan has frozen the assets of over 100 Russian oligarchs and institutions, among other measures.

The Asian economic giant, which is the largest after the US and China, has also set its sight on crypto exchanges and their possible use by Russians to evade sanctions. Two weeks ago, the Financial Services Agency ordered local exchanges not to process any transactions linked to Russia and Belarus. The order followed a Group of Seven (G7) summit in which the big economic giants expressed concerns that Russia was turning to Bitcoin to evade sanctions (and they may have been right).

At the time, a senior official commented:

We decided to make an announcement to keep the G7 momentum alive. The sooner the better.

Der Beitrag Japan to revise crypto exchange laws to curb possible loopholes for Russia erschien zuerst auf Crypto News Flash.

The world’s third-largest cryptocurrency mining nation has been urged to make the activity legally recognized as soon as possible. Russia’s Energy Ministry believes that the legal uncertainty is not doing any good to the sector and that the country would greatly benefit from legalizing the industry.

Russia ranks third globally as a Bitcoin mining hub, only behind the U.S and Kazakhstan respectively, accounting for about 11 percent of the global BTC hash rate according to the latest data. However, this rise has come without any formal regulations, and in the past six months, there have even been calls to ban the industry in its entirety, just like China has done.

Deputy Minister of Energy Evgeny Grabchak believes legalizing and regulating the sector would be in Russia’s best interest. Speaking to local news agency TASS, he noted that the legal vacuum that exists in Russia regarding crypto mining is detrimental, especially since Russians will keep mining regardless of the legal uncertainty.

The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be [eliminated]as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework.

Further, the official believes that the regulating of the sector should be done at a regional level, not a federal level. This would leave local authorities with the responsibility of determining and licensing mining sites and the distribution of energy to these miners.

It’s not the first time that a Russian Ministry has advocated for the regulation of crypto mining. In February, the Ministry of Economic Development proposed that mining be allowed in specific areas with a sustainable surplus in energy production. It also recommended lowering the costs of putting up mining centers and reducing the cost of electricity consumed in these centers.

For the Energy Ministry, the latest move signals a gradual change in attitude towards crypto mining. In October last year, Minister Nikolay Shulginov suggested that crypto miners should pay more for their electricity.

“These miners are, in fact, using electricity for households, on the price that is subsidized by the regional government, for business purposes,” he said.

Russia is now turning to crypto to evade sanctions that are slowly crashing its economy. The U.S, the European Union, the U.K, Canada, and other major powers have turned against President Vladimir Putin’s government after its invasion of Ukraine.

Read More: Russia open to accepting Bitcoin payments for oil and gas amid strong western sanctions

Der Beitrag Russian Energy Ministry: Make crypto mining legal as soon as possible erschien zuerst auf Crypto News Flash.

Russia’s aggression against Ukraine has been condemned the world over, with many hoping it will end soon and we can all put it behind us. However, Ukraine has other plans and wants to ensure that Russia’s infamy will be remembered for all eternity. The country has launched an NFT museum of war on Ethereum that chronicles the attack by its neighbor.

Known as the Meta History Museum of War and launched by the Ukrainian Ministry of Digital Transformation, it’s fully virtual and features a collection of NFTs. It chronicles the events in the war between the two Eastern European nations, which started a month ago and is still continuing. The war has brought about immense destruction, especially in the capital Kyiv and according to some estimates, Russia may have lost up to 15,000 troops in Ukraine, despite being the aggressor.

The museum features NFTs that chronicle events starting 5:45 AM local time on February 24, the first time Russia announced “a special military operation” in Donbas, Ukraine.

While Russia uses tanks to destroy Ukraine, we rely on revolutionary blockchain tech. @Meta_History_UA NFT-Museum is launched. The place to keep the memory of war. And the place to celebrate the Ukrainian identity and freedom. Check here: https://t.co/IrNV0w54tg

— Mykhailo Fedorov (@FedorovMykhailo) March 25, 2022

The museum analyzed the verified news of the war and placed them in chronological order. It then invited dozens of Ukrainian artists to make their illustrations of the events. The data was then uploaded on the blockchain as NFTs.

According to the museum’s website, 54 NFTs of the key moments of the war between February 24-26 will be available for purchase as NFTs starting Wednesday, March 30. The proceeds will then be channeled to support the country’s army as it keeps Russian troops at bay, while some will be used to offer assistance to civilians.

The aim is to immortalize the war by Russia, the museum says.

We will never let any single day of this period disappear from the ledger of world history

You unveil the truth buying MetaHistory. Our warline includes every substantial event of the war, which is illustrated by one of the artists. All the NFTs will be sold in a chronological order. Their content will be hidden until the NFT is sold. Be the one to create history! pic.twitter.com/hX0aXKJ47m

— META HISTORY: Museum of War (@Meta_History_UA) March 20, 2022

There’s a catch, however. When you purchase an NFT from the museum, you don’t get to know the content until you get to buy it.

Aside from raising the funds, the NFTs will serve as yet another effort by Ukraine to shed a light on what’s happening in the country. Despite thousands losing their lives in the war, very little has been done. Western and European powers have relegated their efforts to simply imposing sanctions on Russia, which has had little effect on President Vladimir Putin’s resolve. After all, Russia already faced several sanctions even before the war.

Ukrainian President Volodymyr Zelenskyy has called out Western powers for their inaction, stating, “The audacity of the aggressor is a clear signal to the West that the sanctions imposed on Russia are not sufficient.”

Related: Ukraine crypto exchange founder accuses Binance of working in support of the Russian government

Der Beitrag War memories that will last forever: Ukraine unveils NFT museum of war on Ethereum, but there’s a catch erschien zuerst auf Crypto News Flash.