Crowdfunding warfare
Categories: Crypto News
Cryptocurrency’s prominent role in the Ukraine crisis is also a wake-up call for governments around the world to learn and regulate the technology, Shetret said.Following Russia’s invasion, the Ukrainian government and private actors – including a distributed autonomous organization, or DAO – have raised millions of dollars’ worth of aid in crypto, with at least some of that paying for military equipment. "This is something new: bringing in crypto actors, non-state actors, to crowdfund warfare,” Shetret said. “This is a new form of geopolitical complexity that we just haven't seen before.”"Governments at this point in time really have no choice but to wrap their minds around crypto, to have clear policies, clear enforcement capabilities,” she said. "There's simply no way for governments to bury their heads in the sand." And if they engage, they will find crypto firms cooperative, Shetret said. “The industry is ready to work with governments to make sure that policies are crisp, clear and compliant to achieve the goals of financial integrity."On the bright side, Ukraine and its supporters asking for funding in bitcoin and ether means the funds can be traced on a public ledger, she said. “That makes life easier because you can see how the funds will be used, where they’re going and where they’re going to get cashed out.”