It has now been 1 year and 2 days since Vladimir Putin ordered his army to invade Ukraine. A decision that has earned Russia a series of sanctions as well as heavy losses in terms of military equipment and human resources. And speaking of weaponry, the West will be delivering tanks to kyiv and pouring hundreds of billions of dollars more into this war-torn country soon.
Ukraine is using its crypto holdings to arm itself
August 2021, Ukraine’s Minister of Digital Transformation reported that his country raised the equivalent of $54 million in cryptocurrencies through Crypto Aid For Ukraine.
Rich with these millions of dollars in crypto, the Ukrainian government used it to stock up on military equipment, vehicles, bulletproof vests, drones and medicines.
It was just a small drop in the vast ocean of donations already granted or promised by the United States and the EU. But cryptos offered in the middle of the bear market must mean a lot to the sender.
According to Ukrainian Deputy Digital Minister Alex Bornyakov, 60% of arms and equipment suppliers to Ukraine accept cryptocurrencies. What turns out to be a significant advantage for this country always in search of additional weapons to knock out the Russian bear.
Cryptocurrencies, speed, efficiency and transparency
” We were able to secure the purchase of vital items in no time via crypo, and the amazing thing is that around 60% of vendors were able to accept crypto, I didn’t expect that “says Mr. Bornyakov.
The latter also pointed out that so far Ukraine has received roughly $100 million in crypto donations. This sum came from enthusiasts from all over the world. And unexpectedly, Russian crypto donors also contributed.
Blockchain helping, the Ukrainian government was able to trace the origin of the donations in fact.
According to this senior official, 60 of the 100 million dollars in crypto have been transferred to the wallet of the Kuna exchange.
In any case, the war allowed Ukraine to accelerate the adoption of cryptocurrencies. Whether in the high authorities of the country or at the level of the local population. Recently, we learned that Ukrainian pharmacies are starting to accept crypto payments. The only catch is that some analysts suspected money laundering activities by Democrats via crypto donations sent to Ukraine.
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