More On: Bitcoin
Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
Another company has given money to Ukraine. Dunamu, which runs the largest South Korean cryptocurrency exchange, Upbit, is the last one to do so.
One billion won (US$880,000) was given to the UN World Food Program by the operator of the Upbit service on Tuesday because of the civil unrest in Ukraine. This is also part of Dunamu's campaign to help people who have been hurt by the conflict.
Sirgoo Lee, the CEO of Dunamu, said that the company's donation was a real show of support for the Ukrainian people. "We heard that WFP was stepping up its emergency operation in Ukraine, and we thought it might need a few extra hands," Lee said. While this is going on, the Upbit exchange has already banned Russian users from its platform because of the ongoing crisis in the country.
In Upbit, they don't let people from Russia use it.
Cryptopolitan reported in March that the largest cryptocurrency exchange in South Korea, Upbit, said it would block Russian users from accessing its services, as well as withdrawal requests made from Russian IP address. "We've blocked subscriptions from users in countries that are at risk of money laundering, in line with guidelines from the Financial Action Task Force."
Russia has been hit with sanctions by the US government and its alias, so three of the most popular cryptocurrency trading platforms in South Korea, Bithumb, Gopax, and Korbit, said they would ban users from the country. As of March 4, Gopax had shut down about 20 Russian accounts.
Coins were sent to Ukraine to help
On Wednesday, Ukraine's president signed a law that made it legal for businesses and banks in the country to deal with exchanges of crypto. This means that businesses and banks in the country can do business with crypto. Almost $64 million was given to the country on March 4, thanks to donations from 120,000 people, according to a company that studies blockchain.
Charity group Binance Charity gave about $2.5 million to UNICEF on March 7, Cryptopolitan reported. The money was meant to help the world group help Ukraine's children. Donations to Ukrainians are said to have topped $100 million, thanks to a lot of crypto companies and users rallying for Ukraine.
The Ukrainian government has now raised more than $100 million in bitcoin, ethereum, and stablecoins for their defense efforts.— Pomp 🌪 (@APompliano) March 22, 2022
When banks and other financial institutions ran from the conflict, crypto stepped in to support those in need.
WFP ramp up food operation for Ukraine
There is still a lot of trouble going on in the world, so the World Food Program wants to help. It will give out food, money, and vouchers that can be used in certain stores. Food will be taken from the big cities on the Ukraine side of the border, where families are gathering to see how the fight goes. The WFP is set up the same way to help people who move across the border to other countries.
Twenty-nine percent of the world's wheat trade is done by the Russian Federation and Ukraine. An interruption in the production and sale of goods from the area could push food prices above their 10-year highs. A lot of people will lose their food security because of this, especially the people who are already under a lot of stress because their countries are growing a lot of food.
This isn’t simply an emergency among the Ukraines. This will influence supply chains, especially food expense. Presently, we’re taking a gander at a cost climb that will cost us, in functional expenses, somewhere in the range of 60 and 75 million dollars more each month. Also, that implies more individuals will hit the hay hungry.Beasley, the executive director of the U.N., said.
** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.