At present, Ukraine is the centre of attention of all the cryptocurrency platforms and the western world. It is worth noting that since most of the cryptocurrency exchange networks are founded and run from western countries, it is easy to understand which country will benefit from the conflict. While the Russian ruble is on the brink of getting devalued, the Hryvnia local currency of Ukraine is gaining massive value.
The main reason for the exponential growth of the value of Hryvnia is its increasing demand in the cryptocurrency markets. Another crypto platform to join the cause of Ukraine is LocalBitcoins. LocalBitcoins is the largest P2P BTC network in the world. Recently, the platform tweeted that it has removed all types of transaction fees for its consumers in Ukraine.
Cryptocurrency markets introduce themselves as an autonomous and neutral feature that was free from the influence of the central governments. However, in the context of Ukraine and Russian conflict, the beans on the notions are all but spilt. It is becoming increasingly visible that cryptocurrencies are just as partial and bias as much as any centralized financial enterprise.
At present, the majority of the cryptocurrency market is effectively performing the bidding of the NATO nations and the USA government. The increasing demand for Hryvnia in the cryptocurrency markets has aided it to increase in value without any real growth or economic development factors. The main reason for this increase is the exclusive policies and steps of the cryptocurrency businesses.
Crypto Exchanges Outside of Western World will not Favor Ukraine
At present, the western government is operating at full throttle to block every type of financial aid and resource for Russia. Since many of the cryptocurrency exchange platforms operate in the western bloc and are regulated by government agencies, it seems that their owners have no choice but to side with the narrative of the government.
Under the current circumstances, it seems impossible to accept that cryptocurrency and blockchain projects are as decentralized as they are believed to be. Such a massive blow to the foundation of the DeFi industry, it seems that the perception around cryptocurrencies will completely change in the upcoming days.