Ukraine Digs Into Crypto Crimes as Russia War Rages On
YEREVAN (CoinChapter.com) — Fourteen Ukrainian officials have received specialized training in investigating financial crimes involving cryptocurrencies and virtual assets on Nov. 14 -17 in Vienna, Austria. Here are more details.
Governmental Training on Crypto in Ukraine
Ukraine’s supervisory and law enforcement officials received specialized training for investigating financial crimes involving virtual assets. This event, organized by the OSCE in partnership with UNODC, equipped them with advanced techniques and tools.
Ralf Ernst, OSCE’s acting coordinator for economic and environmental activities, emphasized the training’s goal to bolster Ukraine’s defense against financial crimes like money laundering. He noted the urgency in upgrading Ukrainian law enforcement and supervisory capabilities, given the increasing use of cryptocurrencies and virtual assets.
An important component of the training involved tracing crypto transactions across different blockchains. The experts demonstrated specialized analytics software, equipping the officials with the necessary skills.
Official Europe and US aid to war victims
Notably, the training for Ukrainian officials is part of a broader project titled “Innovative policy solutions to mitigate money-laundering risks of virtual assets.” Several countries fund the project, including the United States, the United Kingdom, Germany, Romania, and Poland.
Ernst also mentioned that Ukrainian officials had received similar training in the past and that the OSCE would continue to support Ukraine’s efforts in combating money laundering, especially through virtual assets and cryptocurrencies.
Meanwhile, the mentioned efforts are not an isolated incident, as the European Union and the US have profusely funded Ukraine since Russia’s invasion in February 2022. The allies directed the funding towards military, humanitarian, and economic assistance.
In detail, The US Congress has passed four spending packages in response to Russia’s full-scale invasion of Ukraine, totaling $113 billion.
Military operations alone took $75 billion of the total assistance. In comparison, the US Agency for International Development (USAID) has provided more than $23 billion in humanitarian and economic assistance to Ukraine since July 2023.
As of September 2023, Ukraine spent $2.8 billion on humanitarian aid, with nearly $2 billion supporting displaced Ukrainians in neighboring countries.
Crypto awareness in Ukraine grows amid economic recovery
As of Nov. 17, 2023, the Ukrainian economy is recovering despite the ongoing conflict with Russia. For example, according to Reuters, Ukraine’s Gross Domestic Product (GDP) has grown by more than 9% in September 2023 compared to the same month last year.
The International Monetary Fund (IMF) also projects that Ukraine’s GDP may increase by 1-3 percent by the end of 2023. This projection follows a significant decline of 29% in growth in 2022 following the Russian invasion.
The European Union Commission forecasts a significant jump in investment in Ukraine by 17% in 2023. This follows a sharp decline of 34.3% in 2022. EUC also expects further investment growth in the coming years.
Furthermore, Inflation in Ukraine has declined rapidly in 2023. The annualized rate dropped from 26.6% in December 2022 to 7.1% in September 2023. The European Commission also projects a further decline in the annual inflation rate to 7.6% by 2025. The organization attributes the decrease in inflation to the reduced pressure on the production sector and flexible economic policies.
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Filed under: Bitcoin - @ November 20, 2023 5:21 am