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Kiev’s Economic Blockade Boosts Bitcoin Usage in Separatist East

With no banks or international payment systems currently servicing the 3.8 million residents living in secessionist territories of eastern Ukraine, Bitcoin transfers remain one of the few options.

Economic blockade

In November 2014, the President of Ukraine, Petro Poroshenko, ordered the National Bank of Ukraine to make banks stop all money transactions in territories not under direct governmental control. This was part of his strategy to isolate the secessionist territories both financially and economically as all trade operations were also prohibited.

The Security Service of Ukraine has been taking measures against the secessionist regions with “the blocking of accounts, cards, various ‘bitcoins’ and so on, where the separatists are trying to funnel money,” according to the Head of the SBU, Valentyn Nalyvaychenko. 

The RBC news agency reported [in Russian] that 81 bank branches in the Donetsk region and 66 banks in the Luhansk region have closed their doors and ceased operations, including the branches of major Russian banks, Sberbank and VTB, due to the potential international sanctions that may otherwise follow.

This is the first time in modern history when such a large swathe of territory with a pre-war population of 3.8 million people has been left with no banking services whatsoever. All business and personal accounts were closed and ATMs stopped operating leaving businesses and millions of people without any means of accessing their money.

Few options

In March 2015, the unrecognized Donetsk People’s Republic (DPR) declared the launch of its own Republican Bank that started servicing personal and business accounts. The bank has figured out a way to receive payments from Russia using the Russian-based Anelik payment system and the Bankomatika  service. No such bank was created so far in the other secessionist territory, the Luhansk People’s Republic (LPR).

Meanwhile, there is no coverage by international or Russian payment systems for these territories due to the threat of US and EU sanctions. In fact, even the Anelik system uses the Russian city of Rostov as the formal destination for payments on the receiving end, whereas the physical money actually goes to Donetsk.

Upon receiving a transfer authorization, Bankomatika will notify the Central Bank of the Donetsk People’s Republic and will request to issue the amount to the given individual, according to a source in the DPR. “Cash is not being transported back and forth across the border. Both sides issue money from their own reserves and mutual settlement is carried out at the end of the month.”

CoinTelegraph spoke with the Head of the Cryptocurrency Foundation Russia (CCFR), Igor Chepkasov on how cryptocurrencies are being used in these runaway regions and whether the Ukrainian or Russian governments are capable of doing anything to stop this.

CoinTelegraph:  With a complete financial blockade by the Ukraine and a partial one from Russia (by banks who are trying to avoid further sanctions), the residents of these republics are essentially left unbanked. Are bitcoins being used in Donetsk and Luhansk for money transfers?

Igor Chepkasov: I must assure you that bitcoin is being used in these eastern territories, which are occupied by pro-Russian armed forces. A certain segment of the people there is systematically carrying out transactions with bitcoin. I received information about the transactions as an insider of one of the exchanges.

CT: How and from where is this done and by whom (private individuals, organizations based in these unrecognized republics, etc.)? What are the volumes?

IC: As you know, to register on a “virtual” exchange and to withdraw cash, you have to present your telephone number, bank or payment system details and personal information – a scanned image of your passport and sometimes even utility bills. It is because of this information that I discovered that there was a massive outflow of funds from this region when Crimea was preparing to “unify” with Russia.

Sometimes fairly large sums of bitcoin were bought in Crimea and later in the eastern occupied territories at exchanges, which were then converted into rubles and transferred to bank cards of one Russian bank that use the popular Russian payment system in order to cash out in Russia or even funnel these funds via a long chain of numerous American, Spanish, Cypriot and offshore accounts.

There were even cases when bitcoins were converted to Euros and dollars and where transferred to offshore accounts of companies based in Eastern Europe and the Baltic countries.

But I wouldn’t say that bitcoin-business is rapidly developing in these occupied territories and in Ukraine as a whole. Regular citizens by and large do not use cryptocurrency and also prefer conventional means or exchange points for money transfers.

In Rostov [a city in Russia], there is a conversion center that also operates based on the Hawala principle, which accumulates significant funds. This center also has its fair share of people who are familiar with cryptocurrency. Moreover, in many Russian cities there are volunteer teams who collect funds to support so-called “militias” including bitcoin, which you can see here. The page contains a bitcoin-wallet, which at the time of my comment holds 6.907452 BTC.

CT: Ukraine attempted to ban Bitcoin transactions in this region via its Central Bank. Is Ukraine capable of doing this and will this be successful?

IC: As far as I understand, Ukraine did not go beyond issuing a warning. However, on March 19, the operating account of BTC TRADE UA (Ukrainian cryptocurrency exchange) was suspended in Privatbank based on the suspicions that this exchange was “financing terrorist activity.”

My source in Privatbank told me that they encountered a flood of marked bills from the military action zone of Donetsk and Luhansk. There is evidence to state that BTC TRADE UA was used by miscreants to fund their accounts on the exchange using mobile terminals, after which they would use the service to “wash” these funds and then withdraw “clean” money.

I am not accusing, nor do I suspect the personnel of the exchange in dishonesty and deliberately breaking the law, though they even openly stated that they “did not sufficiently secure client funds.”

CT: What will happen with these monetary flows in Donetsk and Luhansk when Russia will officially ban the use of cryptocurrency in August?

IC: A ban on cryptocurrency in Russia cannot affect the situation in sovereign Ukraine. If some crypto-users in Russia are even saying they will continue to use it secretly if a ban is imposed, then what can we say about Donetsk and Luhansk, who are themselves unrecognized?

Therefore, if anyone in these territories would like to use bitcoin, then they will do so. We have to remember that Donetsk and Luhansk are also outside the legal environment of both the Ukraine and Russia. Thus, no measures from the Ukrainian side or the Russian side will have any affect on the situation there.


Source: http://cointelegraph.com/news/113926/kievs-economic-blockade-boosts-bitcoin-usage-in-separatist-east?source=dogechain.info

theymos is usually busy with other stuff so account retrievals maybe are of least importance to him. IMO, best you can do is keep sending PMs & bumping the thread every once in a while.

I think such an avatar was not allowed as per theymos post over what is allowed as avatar. Since Methamphetamine are obviously NSFL (Not Safe for Life), IMO such an avatar like smaragda one is not allowed here. Also, smaragda avatar image seems to have taken from a Crystal meth image hosted on wikimedia and used on Wikipedia Methamphetamine page.

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I'm glad to hear this from you, dooglus. Hang10 absence from forum since the day of his post is at best suspicious. I suppose a false-flag smear campaign is always a possibility to take in account.

To be honest, I cast my vote for bikinidice.com long before joining their sig ad campaign.
Just my 2 satoshi, however.

Well, what you was expecting? You did in your OP all the things that triggers alarm bells, also you are engaded in ponzies; so, only thing you could have likely achieved with posting your loan request without a valid collateral was an increase in your account post count as well as -ve trust feedback.
If, as you claim, you are not a scammer, I suggest you to follow thebitcoinquiz.com advice to search for free VPNs since it is a sensible suggestion to save you a lot of fuss.

To educate yourself about lendings:

===>>> https://bitcointalk.org/index.php?topic=404191.0
===>>> https://bitcointalk.org/index.php?topic=246874.0
===>>> https://bitcointalk.org/index.php?topic=119896.0
===>>> https://bitcointalk.org/index.php?topic=577765.0

+1. I agree we have no need to a sub-board in Press to host media specialized in BTC news. An appropriate use of Press and Bitcoin Discussion is what is needed, at least IMHO.

As per the formula...everyone with more than 500 activity has a 4 second limit, no matter how much higher is its own rank. By the while having read the sticky may have given you the answer before posting.

After reading your post, I've become convinced that Japenese "How To" toilets signs needs to be replicated & deployed worlwide.

@Minnlo, shulio, dznuts85: Well, you all solved my doubts over it and I have to apologize for skipping Stunna's post. Now, I'll continue looking around over investment opportunities. Thank you!  

Is Primedice allowing users to invest in their bankrolls? I would like to diversify my BTC & altcoins Investments. Anyone here has experience with bankroll Investments on Primedice.com? 

If you aren't a scammer, You better educating yourself on How To of lending. So far you're trigging all the alarm bells.

===>>> https://bitcointalk.org/index.php?topic=404191.0

===>>> https://bitcointalk.org/index.php?topic=246874.0

===>>> https://bitcointalk.org/index.php?topic=119896.0

===>>> https://bitcointalk.org/index.php?topic=577765.0

To ask means asking something to someone. A moderator is a person charged with moderation and maintenance of a forum board. I really hope this may make some sense  in vietnamese*.

* để yêu cầu có nghĩa là yêu cầu một cái gì đó cho một ai đó. Một người điều tiết là một người bị tính phí với kiểm duyệt và bảo trì của một hội đồng diễn đàn. Tôi thực sự hy vọng điều này có thể làm cho một số ý nghĩa bằng tiếng Việt. (Translated from English to Viet with Bing)

I suggest you to use dictionaries instead of relying to Google Translate or a similar one. I often use wordreference.com but it doesn't support Vietnamese so you have to find one that support your native Language and do it manually. You cannot ask others to interpret yourself since this is only the start point for misunderstandings.

I'm sorry, but i cannot understand how is forum fault of you having not enough grasp of the English Language. Here we have scores of people who spoke English as a Second Language/English as a Foreign Language so forum is not biased against non-WASP people. If you cannot understand English parts of the forum, I strongly suggest you to limit yourself to local boards whose Language you can understand (maybe the Viet one since you claim to be Vietnamese) until you could be proficient enough with the English Language to understand forum rules and contribute to community discussion (probably you'll need to progress to an Independent User level)

Just my 2 satoshi!

It's not uncommon for Countries everywhere to do things like this. You could thing of the Argentinean ban of British & Falkland Island flagged ships from their ports, they also extended their ban to ship calling at Falkland Island.
Ukraine may have also acted to combat "contraband of war" as per International Law Applicable to Armed Conflicts at Sea. Under international law, the citizens of neutral nations are entitled to trade, at their own risk, with any or all powers engaged in war. No duty to restrain contraband trade is imposed on the neutral governments, but neither have neutral governments the right to interfere on behalf of citizens whose property is seized by one belligerent while in transit to another. The penalty traditionally imposed by belligerents on neutral carriers engaged in commercial traffic with the enemy consists of confiscation of cargo. By the Declaration of London, this was extended to include condemnation of the carrying vessel provided that more than half the cargo was contraband. The right of warring nations to sink neutral ships transporting contraband is not recognized in international law.

@MZ, @shorena: How could be sure he's not an hacker/thief trying to modify rightful owner address? To me simply asking to sign the new account is not useful at all because it cannot prove that person in control of dothebeats account as today is the same person who controlled the same account on April 08, 2015, 07:01:47 PM!

IMHO to change the staked address he must prove ownership of the first quoted address, with a signed message like the following: