As the war between Russia and Ukraine continues to rage, the human toll and cost cannot be understated; this tragedy must be resolved as quickly and peacefully as possible. Framed against these unimaginable costs, discussing financial measures and other such items can seem trivial. Seemingly trivial, but financial headlines and the actions taken by both Russia and the nations supporting the people of Ukraine have generated significant conversation and debate. At the heart of the matter lies the following question, among others; what role do cryptocurrencies have to play during times like this?
Before analyzing some of the more direct implications of crypto, both now and going forward, there is something that needs to be addressed – the rise of more centralized crypto options. As new and varied applications such as stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) opportunities, and central bank digital currencies (CBDCs) have ascended to prominence, the shift away from true decentralization has been unmistakable. This horrible conflict has proven that – despite the convenience and buy-in some more of these more recent options have generated – there is fundamental power in the idea of decentralized currencies.