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Crisis Currency: How War Forced Ukrainians to Adopt Crypto

The volatility of the national economic and political situation has long incentivized Ukrainians to seek out alternative ways of managing their capital.

The Russia-Ukraine conflict is a historical watershed for many reasons, among them the unprecedented role that cryptocurrency has played in international aid. Vladimir Karishev, the Ukrainian founder of Global Ledger, joined a Roundtable panel at Crypto Monday in San Juan to discuss the ongoing crisis and the outpouring of support from the crypto community.

In this segment, the panel discusses how Ukrainians have used Bitcoin to protect themselves from crisis.

David Namdar notes that Bitcoin allows users to maintain access to their capital despite the ongoing limitations due to the war.

"For the people in Ukraine and the people in Russia, the ones who've been fortunate enough to invest in cryptocurrency over the last couple years, their lives are dramatically changed," he said. "When the banks are shut down, they're able to access their money. They have some other currency, they can still move around the world and buy things and support themselves." 

Vladmir Karishev argues that cryptocurrency adoption in Ukraine has been partly fueled by a common distrust of centralized government.

"Ukraine doesn't like really like the government," Karishev said. The volatile Ukrainian economy has also incentivized citizens to move to crypto. "After 2014, our national currency deflated four times in three months. Bitcoin was a better safe of value. If your national currency drops four times in three months, you're thinking about alternative ideas."

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Roundtable Guests:

Vladimir Karishev, co-founder, Global Ledger

David Namdar, GP, Coral Capital

Sergii Grybniak, CTO, Waterfall

Isaac Rivera, host, Crypto Mondays San Juan

Watch the full discussion below: