Crypto Market Overview March 9th | Dex-Trade
Crypto Market Overview – March 9th, 2022
FTX CEO Will Support Raise Crypto Donations for Ukraine
The CEO of a big cryptocurrency exchange FTX, Sam Bankman Fried, said he would support the raising of crypto donations for the needs of the Ukrainian government and people, who become the victims of military intervention by the Russian dictator putin. In particular, Fried spoke about the support of the Ministry of Finance of Ukraine, which opened cryptocurrency accounts last week to collect donations in Bitcoin and a number of altcoins. The entrepreneur said that the FTX team would be honored to help the Ukrainian Ministry of Finance simplify the donation process. Few details. The leadership of the crypto exchange intends to launch the “Aid for Ukraine” project by creating a Decentralized Autonomous Organization (DAO). It will focus on accepting crypto-currency donations as well as converting them directly into fiat currency, the type of which will be determined by the purpose of the proposed spending. It’s noteworthy that the American FTX is so far the only crypto company that has decided to provide long-term assistance to Ukraine in creating and maintaining joint projects. Recall that in Ukraine, even before the start of the military invasion of the Russian Federation, laws were adopted to regulate digital assets. This allowed the country to quickly deploy a crypto-donating program and effectively collect funds from caring philanthropists from around the world.
Biden Signs Executive Order on Crypto Regulation Principles in the US
U.S. President Joe Biden signed the long-awaited “Ensuring Responsible Innovation in Digital Assets” Executive Order that aims to regulate the industry, further scrutiny of crypto by relevant authorities, and create a “whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets.” “The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.” — stated in the commentary to the decree. By the way, based on the new document, the US government will assess the need for the creation of technological infrastructure and capacities for the development of the American CBDC. The decree also emphasizes the importance and necessity of research into the national crypto “should the issuance be deemed in the national interest.” The new vector in working with crypto will also allow the US government to more effectively monitor compliance by crypto exchanges with sanctions against the Russian Federation in connection with the invasion of the occupying forces into the territory of Ukraine.
Crypto Works: Digital Donations to Support The Ukrainian Army Are Almost Immediately Spent on Needs
Deputy Minister of Digital Transformation of Ukraine, Alexander Bornyakov, noted the effectiveness of digital money and stated that clearing and settlements in the blockchain are carried out literally in real time, which allows the country to quickly purchase everything necessary to support the army that is fighting the Russian occupation forces. According to the official, thanks to the use of instant cryptocurrency payments, the country has already been able to organize the purchase of dry rations for the military, provide them with bulletproof vests and other protective equipment necessary for daily operations. Large financial transactions made through the traditional banking system can take up to three days to be confirmed, while crypto payments are almost instantaneous. This is an impressive advantage in wartime, which allows you to quickly respond to challenges and change procurement tactics depending on the need. According to Bornyakov, today about 40% of the country's military suppliers are already ready to accept payments in cryptocurrency. The rest of the purchases are paid for with digital money converted into euros and dollars.