In the past week, Ukraine has already raised nearly an amount of $53 million worth of cryptocurrency. Most of the funds have been used for Military supply and health care needings of refugees.
Since the war begin Ukraine government started accepting Cryptocurrency as donations. From this case, cryptocurrency donations came from all over the world. According to Mykhailo Fedorov, the vice prime minister of Ukraine tweeted, At the end of Friday the Ukrainian government raised an amount of $50 million in cryptocurrency within one week.
Most of the donations were in Bitcoin and Ethereum. Furthermore, he claimed that their target is to double the amount to the $100 million mark.
The amount of donated cryptocurrency amount is mentioned…
Furthermore, the vice prime minister stated that they have found suppliers from USA and Europe to support the army including vests, food, health equipment, and medical team support.
In addition, he said they all have to accept cryptocurrency as payments to their supplying goods.
Some NGO s and aiding activists will be paid with crypto converted in dollars and euros. The Ukraine government is also working with two companies to launch a non-fungible toke (NFT) collection to raise more additional funds.
However, someone has donated a Cryptopunk. Alex Bornyakov, The Deputy Minister of Digital Transformation of Ukraine mentioned in a Twitter post that the donated Cryptopunk was worth around $150k.
In the beginning, Ukraine only accepted Bitcoin and Ethereum but no they are looking to expand it more. they have already added Polkadot, Solana, Tether, Tron. Dogecoin and recently they have added Monero.
Furthermore, Alex Bornyakov stated that they have used 69% percent of donations to Military support.
Ukraine’s government has partnered with many crypto exchanges for its government cryptocurrency monitorization. especially suspicious or illegal transactions will be monitored.
A crypto payment processor Coingate and International Business Settlement (IBS) had partnered with the National Bank of Ukraine (NBU) to support sending more donations to Ukraine by using 70 different crypto assets.
The government and Coingate are recently working on it. Moreover, international payments firm international Business Settlement (IBS) have joined Ukraine government in supporting the conversion of crypto donations into euros and sending the converted money into a special donation account that has been set in the central bank.
However, the Ukrainian government has mentioned the way cryptocurrency is helping them a lot. It cant be regulated by anyone and its internationally recognizes and used, So it is easy for Ukraine to keep its supply chain and goods.