Protests in Canada and Russia’s invasion of Ukraine

For this week [In] Crypto, we bring you the latest from February 21-27, including protests in Canada and Russia’s invasion of Ukraine. Don’t forget to subscribe to our newsletter and receive Be[In]Crypto’s weekly digests straight to your inbox.

Events in Canada

Mandatory COVID-19 vaccinations have sparked a wide range of protests in Canada, after Prime Minister Justin Trudeau announced the country would freeze the bank accounts of people who block the streets.

As soon as Trudeau announced, many began withdrawing money from their bank accounts, with some resorting to bitcoin as an alternative.

In addition, the government tried to impose financial surveillance after a group of truckers demonstrated in Ottawa. The decision, however, backfired as it targeted innocent civilians, causing more people to migrate to crypto.

According to a TCN News“the police harassed a small business to be opened in the red zone and a journalist saw her bank accounts frozen for the offense of telling the truth”.

Don’t forget Ruby on Rails creator David H. Hansson, who changed his mind about digital currencies, saying he made a mistake about using Bitcoin as a “basic necessity” for all economies, including Western democracy:

“I still can’t believe this is the protest that would prove every bitcoin crank is a prophet. And so that I have to slice myself a piece of the pie and admit that I was wrong about the basic necessity of cryptocurrency in Western democracies,” the Danish programmer said. wrote in his blog.

After the Canadian government froze more than 200 protesters’ bank accounts, Trudeau announced that we would revoke the powers granted under the Emergencies Act, as he considered the situation no longer an emergency and between the competent hands of law enforcement. The total amount of frozen accounts was over $8 million.

“The information was shared by the RCMP with the financial institutions and we were informed yesterday by the financial institutions that they were releasing the accounts,” said Isabelle Jacques, Assistant Deputy Minister of Finance.

“Special military operation” in Ukraine

Photo credit: Depositphotos

On February 24, Russian President Vladimir Putin pushed his troops towards Ukraine in what he called a “special military operation”, sparking international outcry from NATO members, as well as outrage support for cryptocurrency. Experts have indicated that this invasion is much larger than believed, threatening the entire European landscape, as well as relations between world powers.

Ethereum’s Vitalik Buterin criticized the invasion in a tweet on February 24, stating his disappointment with Putin’s decision to abandon what might have been a possible peaceful solution.

“Very upset with Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people.

“I want to wish everyone safety, even though I know there will be no safety. Glory to Ukraine,” he added.

Additionally, the price of Bitcoin fell around 8% within 24 hours of Russia’s invasion of Ukraine, while the price of oil rose to around $100 per barrel.

Crypto Fanatics Are Against Invading Russia

With the help of the crypto community, the Ukrainian government raised over $8 million, with crypto communities raising $4 million in just 24 hours after Russia invaded Ukraine.

One DAO in particular, UkraineDAO, helped raise these funds, in addition to expressing their willingness to help Ukrainian humanitarian organizations by selling non-fungible tokens (NFTs) of the national flag of Ukraine.

Additionally, the hacker group Anonymous claimed to have taken down one of Russia’s largest news stations called RT News.

“The Anonymous collective is officially in cyberwar against the Russian government,” the hackers tweeted.

To be[In]Cryptographic image
Source: Depositphotos

With a great war come great sanctions

The United States, the European Union and the United Kingdom are some of the countries that have already imposed sanctions on Russia for its invasion, trying to mitigate and limit as much as possible the power and influence of Russia until a peaceful resolution can be negotiated – with crypto exchanges like Binance, Coinbase and Gemini expressing their support and compliance with the blacklisting of Russian cryptocurrency transactions.

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