Those groups raised cryptocurrencies worth barely u$s6,000 in 2020, according to Elliptic. Cryptocurrencies can be sent and received anonymously, which allows organizations to raise money even if financial companies do not allow or impose strict controls on fund transfers.
“Cryptocurrency has proven to be a solid and growing alternative (to traditional currency), especially when it comes to donations from other countries,” Elliptic said.
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In 2020, Ukraine tightened controls to curb money laundering and required identity verification for some domestic cash transfers. The cross-border transfers are also subject to compulsory controlaccording to the National Bar Association of Ukraine.
For its part, Elliptic tracks the movement of cryptocurrencies on the blockchain for financial companies and government agencies.
Source: Ambito
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