Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Amidst the war, as Russia continues to invade Ukraine, the Ukrainian government has reached out to the cryptocurrency community to raise funds for civilians and the national troops. The government has announced that it will be accepting Bitcoin, Ethereum and the United States dollar-pegged stablecoin Tether as donations to support its efforts.
Numerous organisations have stepped in to offer help the Ukrainian citizens with the military threats and Russian advancements, but the official Twitter account of the country has taken to the public social platform to call for help to the cryptocurrency community:
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
— Ukraine / Україна (@Ukraine) February 26, 2022
The Vice Prime Minister of Ukraine has also reached out to the community on Twitter with the cryptocurrency addresses for Ukrainian efforts, asking for help and encouraging people to donate.
Stand with the people of Ukraine
Now accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022
Crypto figures calling for crypto support for Ukraine
Ethereum co-founder Vitalik Buterin offered support to Ukraine as the Russian invasion took place earlier this week. He had offered warnings about the cryptocurrency donation addresses for the Ukrainian support but has since deleted the cautious tweets with confirmation that the addresses are legitimate. He maintained that an air of caution should be followed.
Getting some confirmations from a couple sources that it’s legit. Deleting my warning for now. But continue to be vigilant, and always be slow and careful when sending irreversible crypto transactions. https://t.co/Odv5pxf3mp
— vitalik.eth (@VitalikButerin) February 26, 2022
Could crypto be the saving grace for Ukrainian refugees?
While Ukrainian citizens are taking up arms to protect their country, refugees that have had to flee their homes have had to give up their financial support. Civilians across the country have uprooted and left the region for safety without time to make the lengthy arrangements to transfer money. Cryptocurrency stands as a borderless option to help citizens manage while they cannot access their funds back in their home country.
My Ukrainian credit cards don’t work anymore. I’m safe physically in Kazakhstan, but all my savings are gone.
Crypto is the only money I still have, and today I can say without exaggeration that $BTC, $ETH, and #NFT are going to save my life while I can’t come back home.
— ARTYOM FΞDOSOV 🇺🇦 (@usleepwalker) February 25, 2022
While cryptocurrency has the potential to offer support, as Buterin warned, it can also be used to scam vulnerable people wanting to help. To avoid sending money to a scam address or donating to the wrong cause, take care to make sure a project is genuine by following the insight from the community and figures in the crypto space. Cryptocurrency is inherently untraceable and once it has been sent, transactions cannot be undone, so the process of sending Bitcoin and other cryptocurrency should be treated carefully. Furthermore, do not send money to a company that promises to send to support a cause without any verifiable backing to the claims.