Cryptonomic Profits And Politics
Should I say that crypto is gone political? It is first coming to be noticed when Canadian truckers protested against the vaccination directives of the government. This matter lighten up the cryptocurrency space and was not close to getting over to agree or disagreeing with the actual achievement of goals. Confronting the freezing of conventional assets by the government and being blocked from regular platforms for fundraising such as GoFundMe, the trucker’s convoy resorted to Bitcoin and just in a few days raised around $900,000. Consequently, the government of Canada attempted to block the cryptocurrency assets which were associated with the truckers but only partially succeeded.
After the ban was issued by the Superior Court judge from Ontario which freeze millions of dollars in cryptocurrency of the convoy, the cryptocurrency community response was a mixture of protest and confusion. Nunchuck which is a multi-signature wallet responded publicly that, the politics apart, they could not provide the information required by the court even if they want to, as they are only the software providers and not playing the role of custodian financial intermediation and have no way to seize the assets of its users.
Apart from the uncomfortable position of the trucker’s convoy, the crackdown nonetheless raised some restrictions for the crypto space. The idea of the federal government might seize the crypto assets is turning into reality through court orders the ideology that runs against the pride of the crypto community has in itself. The Russian military operation in Ukraine is only highlighting this perception.
Some noticeable things took place at the beginning of the Russian invasion. The government of Ukraine appealed for the donations in Bitcoin immediately (unavoidably causing fake accounts made by scammers for taking advantage of the situation) and then requested the cryptocurrency exchanges to block the Russian accounts. Transforming cryptocurrency into safe havens of financial transactions and trustable value stores is proving to be a game-changer for the country at war and the effects of which will be felt in the years to come.
So many of the exchanges refused to cooperate claiming that it is not justifiable to punish the common citizens of Russia for the actions of their government. The crypto community is discussing about the vibe shift is not taking place due to technology but responding to the changes in the actual world.