BlackRock CEO Larry Fink believes that the current Russia-Ukraine war increased the use of digital currencies to settle international transactions. Fink noted that the present war is forcing countries to reconsider their currency attitudes, eventually becoming a global digital payment network in a letter to shareholders. He said the war had ended the forces of globalization in the last 30 years.
Fink’s observation about strengthening the digital currency market is quite relevant. Trade sanctions on Russia have already forced many countries importing oil and gas from there to look for alternative payment networks, Beyond centralized SWIFT. India is reportedly developing a direct INR payment gateway to acquire a power supply.
At the same time, the debate over the digital payment network is growing. A well-designed global digital payment system can strengthen the regulation of international transactions. At the same time, reduce the risk of money laundering and corruption. There are unconfirmed reports that The Clearing House is in talks with Wells Fargo; To create a SWIFT alternative.
Ukraine and Digital Currency
Russian local bitcoin trading volume increased in March; After a steady decline over the past year. He said that before invading Ukraine, the country was trying to regulate the cryptocurrency market positively. On the other hand, Ukraine legalized cryptocurrencies on March 16, 2022. Since then, it has received millions of crypto donations worldwide. The war-torn nation has already raised more than $100 million in cryptocurrencies. The country they used to strengthen the army and buy supplies.
Cryptocurrencies have proven to be a great protector against troubled times over the years. However, due to the ongoing conflict in Ukraine, this has become a well-known opportunity for international settlements and rapid relief.