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Ukraine Deputy Minister: ‘Crypto Is Helping’ Amid Russia’s Invasion

Ukraine Deputy Minister: 'Crypto Is Helping' Amid Russia's Invasion

Crypto is aiding Ukraine during the Russian invasion of Ukraine at a time when the world economy is struggling and political leaders are just talking about the changes. People have donated cryptocurrency to the Ukrainian government throughout the crisis, according to Ukraine’s Deputy Minister of Digital Transformation Alex Bornyakov.

Ukraine’s Deputy Minister of Digital Transformation On Crypto,

Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, indicated that cryptocurrencies are supporting Ukraine in the aftermath of Russia’s invasion.

“In a situation like this, where the nationwide financial institution isn’t constantly simply running,” Bornyakov said today during a Collective Forecast Zoom session attended by Decrypt. “Crypto is assisting to carry out swift transfers, to make it extremely short and receive results nearly immediately.” 

Bornyakov backed up his assertion by saying that while he doesn’t believe cryptocurrency donations have a “major role” in Ukraine’s economy, the role of cryptocurrencies is “important in this conflict, in terms of assisting our army.” According to the deputy minister, the total amount of Bitcoin donations to Ukraine has now reached “almost $100 million.”

Ukraine and cryptocurrencies donation

The Ukrainian government posted a Bitcoin and Ethereum address for would-be donors to use when transferring a budget to the government on February 26— two days after Russia’s invasion of Ukraine began. 

According to blockchain data, the addresses purchased $12 million in Bitcoin and $20 million in Ethereum, respectively. Ukraine has now received over $60 million in cryptocurrency donations, according to statistics from blockchain analytics firm Elliptic. Elliptic noted, “To date, the Bitcoin, Ethereum, TRON, Polkadot, Dogecoin, and Solana addresses indexed in the tweets have received donations valued well over $51.2 million.”

Ukraine and crypto before the conflict

Ukraine has long been interested in exploring the crypto realm, even before Russia’s invasion. The Ministry of Digital Transformation developed a regulation last year to make cryptocurrencies legal in the country. The Ukrainian parliament agreed on September 8, 2021, to legalize the business and allow crypto exchanges to operate lawfully in the country. 

Furthermore, the blockchain analytics firm Chainalysis listed Ukrainians as the world’s top cryptocurrency adopters in September 2020. During the call, Bornyakov added, “We have one of the most powerful and largest blockchain groups in the world.” Bornyakov also indicated that he hasn’t “heard anything” from President Zelensky regarding cryptocurrency donations during the Russian invasion, but that “he fully backed us with our crypto regulatory obligations.” “He also shares our belief that this will be a positive step forward for Ukraine from a financial standpoint.”

Conclusion

Crypto has had a huge impact all across the world, and this is just one example. Crypto has aided Ukraine and is continuing to do so by financing the Ukrainian Army and providing support to the economy.

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