The Deputy Minister of Digital Transformation in Ukraine, Alex Bornyakov, has reassured Ukraine’s commitment to cryptocurrencies. Bornyakov said that crypto donations were strategic to the efforts made by Ukraine to win the war against Russia.
Ukraine uses crypto for military operations
Bornyakov issued a statement on July 26 saying that cryptocurrencies played a strategic role in the country’s war efforts against Russia. Bornyakov responded to a publication from The Kyiv Independent, which said that despite the crypto market dip, Ukraine was receiving donations supporting the country’s military and humanitarian efforts.
Ukraine endorsed crypto donations earlier this year during the onset of the Russian invasion. At the time, the country provided the official Bitcoin, Ethereum, and Tether wallet addresses that could be used by those who wanted to donate and support the country’s war efforts.
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The acceptance of crypto donations by Ukraine was a transformative move, but it was not surprising to the crypto community because Ukraine is one of the top locations with the highest level of crypto adoption.
The Ukrainian government has raised more than $60 million worth of cryptocurrencies in donations. The crypto assets received through the initiative include Bitcoin (BTC), Ether (ETH), Tether (USDT), Polkadot (DOT), Solana (SOL), and Circle’s USDC.
The Ukrainian government has also received donations in non-fungible tokens (NFTs) to secure more money to support the country’s military operations. The government has launched the “Meta History: Museum of War,” a virtual museum allowing artists to showcase the events between Russia and Ukraine. These moments can be minted as NFTs sold to the highest bidder.
Bear market has not affected crypto donations to Ukraine
Bornyakov also expressed optimism about the future of the crypto market, saying that the bear market had not prevented crypto from saving the lives of Ukrainian soldiers. He added that “crypto spring” was on the way but did not share definite predictions about future prices. However, he said the crypto “industry is here to stay.”
The past few months have seen the cryptocurrency market record massive losses. The global crypto market cap has lost over two-thirds of its value. Towards the end of 2021, the global market cap reached an all-time high of $3 trillion, and if Bornyakov’s predictions are accurate and the crypto winter ends, a new all-time high will only be created if the market records a 3X growth.
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Source: https://insidebitcoins.com/news/ukraine-government-supports-the-use-of-crypto-in-military-activities