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- Cryptocurrency has been an “essential tool of Ukraine’s defence” according to a high ranking official
- The comment was made by Ukraine’s Deputy Minister of Digital Transformation, Alex Bornyakov
- Ukraine has raised over $126 million through crypto donations and NFT sales
Ukraine’s Deputy Minister of Digital Transformation, Alex Bornyakov, has said that cryptocurrency remains an “essential tool of Ukraine’s defence” despite the onset of a bear market. Bornyakov was tweeting in reference to a report from the Kyiv Independent which hailed the donations from the crypto community despite the market crash. At least $125 million has been raised through crypto donations since Russia’s invasion in February, with Ukranian officials notable for their publication of crypto addresses on social media platforms to aid the fundraising push.
Despite the “bear market” crypto has become an essential tool of Ukraine’s defence, providing flexibility and speed that literally saved our soldiers’ lives. Every “crypto winter” leads to a “crypto spring”, but the industry is here to stay. https://t.co/Zhu93vso5T
— Alex Bornyakov (@abornyakov) July 26, 2022
More Than $125 Million Raised for Ukraine
The Kyiv Independent says that, despite the onset of the crypto winter, Ukrainian charities have collected more than $125 million in crypto donations, which have gone towards military equipment or humanitarian aid, with another $1.2 coming from the sale of NFTs.
However, with “war fatigue” setting in across the world, the country has used novel methods of trying to keep funds coming in to help its effort, such as asking artists around the world to create NFTs and send the profits to the war torn nation.
The piece also reiterates the benefits of crypto transactions – they are faster, less regulated, and anonymous, so people can donate without revealing their identities, which could get them into serious trouble if their countries ever found out.
Mainstream Media Won’t Report on Crypto’s Role
According to Bornyakov, Ukraine was also able to turn to cryptocurrencies when Ukraine’s National Bank put limits on the activity of Ukrainian bank accounts abroad in the early days of the war. This helped to pay foreign suppliers of weapons and military equipment, which would otherwise have been impossible.
Of course, you won’t hear much about the benefit of cryptocurrencies for the Ukrainian people, but the more their leaders talk about it, the less it can be ignored.