- Crypto industry supported Ukraine during War
- Ukraine has allowed the use of crypto while Russia is banning the same
The major advantage of availing of crypto is it’s one of the characteristics which makes the cross- border transactions easier. The process is instant, easy, and pocket friendly. One more reason to praise decentralized money is to keep the details of users private.
With anonymity, one can do transactions without making their identity public. However, the digital method of payment is not accepted widely as it has been found that the mode indulged in encouraging money laundering and other illegal and criminal cyber activities.
The Crypto industry has also supported Ukraine during its conflict with Russia by sending a donation and certifying its usefulness. Many people contributed donations to this country, and most of them were done by using cryptocurrencies.
Alex Bornayakov, a prestigious minister of Ukraine, kept his point on the help from crypto donations in the midst of the existing war. On July 26, the minister repeated the significance of digital operations and took Twitter to express his views.
An independent English language media channel in Ukraine, KYIV independent, revealed in a tweet that in spite of having a crypto market downfall, numerous people are helping Ukraine through digital currencies. Bornayakov replied to the post, commenting that donations are very necessary for this time of war.
The digital donation for Ukraine was started at the beginning of 2022. The appeal was made to help the armed force of Ukraine and back humane movements.
Ukraine raised $60 million through donations.
According to data, the Ukrainian Ministry of Digital Transformation brought nearly $60 million in donations. “Aid for Ukraine” website got donations worldwide in ETH, USDC, BTC, USDT, SOL, and DOT.
Other than “Aid for Ukraine” fundraising, the country also raised funds by NFTs to stand with the Ukrainian armed force.
Russia is banning cryptocurrencies for any kind of transactions or payments within its boundaries. In addition, Ukraine allowed crypto use with over $100 million in donations in March 2022.
With reference to crypto winter, the minister keeps a positive attitude. He strongly believes that after the investors recover their losses, there will be a digital asset spring. Bornayakov also revealed that in spite of the market breakdown, the donations helped the force in the war.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/08/01/ukraine-minister-shares-thoughts-on-crypto-assets/