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War Is Calling Crypto’s ‘Neutrality’ Into Question
Article

War Is Calling Crypto’s ‘Neutrality’ Into Question

War in Ukraine and Western sanctions against Russia have made cryptocurrency a hot potato for international politics.

Wired UK, 2022


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8

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  • Eye Opening
  • Overview
  • Hot Topic

Recommendation

Cryptocurrencies were intended to be politically neutral, decentralized instruments, but Russia’s 2022 attack on Ukraine has changed that. The war highlights how decentralized finance is departing from its original goal of transactional neutrality: Crypto exchanges are blocking the accounts of sanctioned Russians, while Ukrainian officials are successfully soliciting crypto donations to their government’s coffers. In this even-handed reporting, technology journalist Gian M. Volpicelli notes that this real-time transformation will have important and lasting implications for crypto’s role in society and the economy.

Take-Aways

  • Cryptocurrencies were designed to be neutral and safe from government interference.
  • The war in Ukraine has thrown the debate on crypto neutrality into sharp relief.
  • Crypto operators will have to take a position on enforcing sanctions or maintaining a hands-off approach.

About the Author

Gian M. Volpicelli is a senior writer at WIRED.


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