The Scotcoin Project CEO Temple Melville believes cryptocurrency is playing an incredibly important role in supporting the people of Ukraine.
The Scotcoin Project Community Interest Company (CIC) itself has donated the equivalent of £10,000 to Ukraine.
Temple commented: “We are all deeply moved by what we have seen happening in Ukraine. It is a human tragedy on a scale that is difficult to process. For many people, including ourselves, the most practical way to provide support is through donations and cryptocurrency is one of the best ways of ensuring it gets to the intended recipient securely and quickly.
“This is exactly the type of situation cryptocurrency was set up to help and the vast amount of it that has been sent to the Ukrainian Government and organisations on the ground demonstrates the power it has to support those in need. The transparency involved is another important factor – anyone can view transactions on the blockchain and check that donations have been delivered to the address you want. While there have been calls to block Russian users, the way the networks are set up mean their transactions could also be easily traced too.
“The Ukrainian Government has indicated it will start to take more cryptocurrencies soon, opening up more opportunities to directly donate to a country that desperately needs our help.”
Temple noted that the peer-to-peer features of cryptocurrency made it the ideal way for people to donate to Ukraine directly, when other crowdfunding sources have come up against problems. For example, Patreon, the membership platform, removed a Ukrainian military charity’s donation page as the conflict began, citing a violation of its rules.