Ukraine operates internationally thanks to cryptocurrency donations, according to a high-ranking official in Kyiv.
Amid ongoing hostilities with advancing Russian forces, Ukraine has been increasingly relying on cryptocurrency donations to solve humanitarian problems and finance its defense efforts. Crypto helps the country to receive and quickly distribute money and operate internationally, a high-ranking government official has indicated.Since the Russian military assault started, Ukraine has been actively seeking financial support in the form of.
The official noted that the government in Kyiv set up a cryptocurrency fund in partnership with a major exchange right after the invasion began. “So money immediately started to go in. And so far we have collected more than $30 million,” Bornyakov told Fox News. The fund he was referring to accepts contributions for defense purposes but Bornyakov pointed out that other funds successfully raise money for humanitarian tasks in support of Ukraine’s civilian population. “I think, so far we’ve collected around $100 million for different purposes,” he detailed, without specifying whether he meant crypto assets.
The deputy minister explained that Ukraine can convert the digital money it receives into other currencies such as U.S. dollars and euros as he also emphasized:Oleksandr Bornyakov elaborated that right now it’s very difficult for Ukrainian authorities to supply anything from abroad because Russian forces have been advancing from multiple directions. “The crypto fund is really helping to do that very quickly,” he said.
Although the Ukrainian official is skeptical about Russia’s potential to employ crypto to circumvent the sanctions, his government has been trying to
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