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The Dangerous Mix of Cryptocurrency and Politics

By R23 | Supportive Crypto Community | 27 Feb 2022


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It has been an awesome thing to see how cryptocurrency has played a positive role in supporting the nation of Ukraine as they have been invaded by Russia. The ability to crowdfund from regular citizens has proven to be a viable initiative and though it isn't the billions that governments are sending, it has a more personal feeling of unity and public support.

With that being said, it does feel like cryptocurrency is being viewed by governments in a way that goes agains the nature of the currencies themselves. To me it seems like governments are ok with the anonymity and unstoppable nature, but only when it serves the purposes they support. When it goes against them, governments are seeking to put restrictions on exchanges and the wallets that support these currencies to make them just about the same as cash in the bank.

The Good:

 

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The world is coming together to support a great cause and are donating funds across borders with no network restrictions while the traditional banking system is stuck because of the war.

The Bad (?):

 

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Innocent civilians are getting caught in the financial fallout as governments are using their leverage over exchanges to make them mirror traditional financial institutions.

Looking at the situation, of course I wouldn't want the Russians to have the funding to continue to wage war against Ukraine, but when looking at the fact that this is now becoming a precedent (i.e. here and in Canada just last week) it feels like the government is doing everything they can to take the main use case of cryptocurrency away. It is something that is quite uncomfortable to think about and is why people are always saying to get your coins off of exchanges and that if you don't own your keys you don't own your crypto.

It's food for thought, but as politicians get more and more involved with cryptocurrency it is seeming to set up a slippery slope. Surely the next steps away from wartime conflict will be CBDC implementation and the stripping away of cash throughout the world; be mindful of where you store your cryptocurrency as the government involvement will likely only increase.

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My name is Rob and I am a prospective law student with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience

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R23
R23

A new cryptocurrency investor looking to learn as much as possible about smart contracts and coding!


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