Decoder with Nilay Patel How Ukraine’s wide use of cryptocurrency is playing out during the war
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May 24, 2022 
Michael Chobanian, the President of the Blockchain Association of Ukraine and founder of the Kuna Exchange, shares insights on cryptocurrency's pivotal role in Ukraine during wartime. He discusses the Ukrainian government's pioneering efforts in crypto donations, which have exceeded $60 million, and the recent legalization of digital assets. Chobanian highlights the decline in crypto transactions as citizens prioritize survival, while stressing the need for decentralized finance as a stable alternative in times of economic instability and mistrust in traditional banking.
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Chobanian's Career Shift to Crypto
- Michael Chobanian worked in telecom, launching 3G in Ukraine.
- He later transitioned to digital marketing and discovered Bitcoin in 2011 while researching digital banks.
Crypto Adoption in Ukraine
- Ukraine has high crypto adoption due to excellent internet access and a poor banking system.
- Ukrainians don't trust the government or banks, favoring decentralized systems like crypto.
Government's Role in Tech
- Ukraine's internet success isn't government-driven; it thrived due to lack of government interference.
- Similarly, crypto flourishes due to minimal regulation.