- Most part of the donation is spent on altered aerial vehicles.
- At the same time, the online brokerage giant of Japan called off a break on crypto mining operations in Russia.
A senior minister from Ukraine revealed that the country’s government is spending $54 million on military and medical supplies in the form of cryptocurrency donations.
“We have provided our defenders with military equipment, defense clothes, first aid, and transportation from the donation of $54 million in the name of @AidforUkraine. Mykhailo Federov, the minister of Digital Transformation of Ukraine and Vice Prime Minister, also thanked the crypto community on Twitter for supporting the country from the beginning of the war.
The breakdown by the Ukrainian government
The breakdown of spending states that most of the share of the donation, i.e., $11.8 million went on altered aerial vehicles (UAVs). In the second position, armored vests stood with the expenditure of $5.2 million, and after that, $5 million was spent on computer hardware and software along with the anti-war media campaign and weapons of the government.
The breakdown revealed the numbers purchased for most items, but the government chose not to reveal that for three, keeping security in mind.
The donations have been aided by Aid for Ukraine, a strategy introduced by Everstake, which is the Ministry of Digital Transformation of Ukraine and FTX.
The cryptocurrency exchange of the United States has been backing the enterprise by simply changing the crypto donations into fiat currency and then sending it to the National Bank of Ukraine.
Japan’s hold on crypto mining activities
The president of Ukraine, Volodymyr Zelenskyy, signed a bill focusing on virtual assets into law to make crypto legal in the country that has been gaining millions in crypto donations for many aids in its conflict with Russia.
Earlier, the government had also sold the non-fungible tokens, which were donated for winning the war.
At the same time, the outcome of conquering Ukraine carried on to scale for Russia, with corrections further compromising its global economic amalgamation. For example, the online brokerage giant of Japan, SBI Holdings, publicized that it would call a break on the crypto mining operations in Russia just because of fear surrounding of counterattack to avoid sanctions.
Source: https://www.thecoinrepublic.com/2022/08/20/ukraines-government-revealed-the-breakdown-of-54-million-raised-by-aidforukraine/