The BBC writes that the war in Ukraine has become a turning point in the world order in many ways, one of which is the flaunting of the power and uses of digital currency.

Bitcoin up 14%, ethereum up 11%

Bitcoin (BTC/USD) is up 14% in the last 24 hours, trading at $43,000 at the time of this writing. It is up nearly 18% in the last 7 days. The second largest cryptocurrency, Ether (ETH/USD), is up 11% in 24 hours. Its weekly gain is about 15%.

BNB/USD, the fourth largest cryptocurrency and the native token of the most traded cryptocurrency exchange, is up 9% today and 12% in the last 7 days.

This development comes amid reports that Coin will not block the accounts of Russian users, despite the Ukrainian government's request. Cryptocurrency exchange Kraken has also refused.

Russia to Use Cryptocurrencies to Circumvent Sanctions

On Sunday, Ukraine's Minister of Digital Transformation Mikhailo Fedorov called on all major cryptocurrency exchanges to block Russian users. He tweeted.

It is crucial to freeze not only addresses associated with Russian and Belarusian politicians, but also those of ordinary users.

The Ukrainian government is concerned that Russia will use cryptocurrencies to circumvent Western sanctions and thus be denied access to the global financial system.

Millions of bitcoins pour in from donors

So far in Ukraine, anonymous entities have donated more than $11 million in bitcoin to the war effort, according to world media reports. The Ukrainian government, volunteer groups and NGOs are raising funds by advertising their Bitcoin wallet addresses online. Thousands of donations have already been made.

The Ukrainian government took to Twitter on Saturday afternoon to raise funds and posted.

Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ether and USDT.

Despite the hesitation of leading figures in cryptocurrency, such as Ether co-founder Vitalik Buterin, the addresses of the two digital currency packages released rose by more than $5 million in eight hours.

According to insiders, cryptocurrencies have become a powerful alternative as some crowdfunding and payment companies refuse to donate to groups that support the Ukrainian military.