• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Crypto Is One Of The Ways We Fight Back, Says Ukraine’s Minister

Anifowoshe Ibrahim by Anifowoshe Ibrahim
3 months ago
in Crypto News
0

People all over the world have been seeing photographs and videos of Ukrainian civilians taking up arms alongside military soldiers, ready to protect their nation against Russia’s ruthless invasion, for nearly two weeks. Ukraine, however, is fighting Russia on a second front – in cyberspace — away from the cameras.

Since the beginning of the conflict, Bitcoin and other cryptocurrencies have been donated in the millions, with the government and an NGO receiving nearly $60 million in Bitcoin and other cryptocurrencies.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to a government official, Ukraine used monies received from crypto contributors all over the world to “fight back” after Russia invaded the nation.

Crypto Helped Buy Supplies In Ukraine

According to Ukraine’s digital transformation minister, Alex Bornyakov, the country has been able to purchase much-needed military food and protective gear thanks to the cryptocurrency donations.

The funds have also been accessed in a more seamless and timely manner, enabling for the prompt and effective fulfillment of these requirements, according to Bornyakov.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bornyakov said on a Twitter Space discussion Monday:

“Crypto was one of the ways we fight back.”

According to him, the country’s request for bitcoin donations was based on the belief that digital assets would aid in a quicker response.

“With crypto, we can do those transactions in five minutes, in 10 minutes, and you don’t have to get that approval through banks,” he noted.

On February 26, just two days after Russia seized the country, Ukraine began collecting cryptocurrency donations. It asked for help with wallet addresses for bitcoin, ethereum, and tether on Twitter, and has since added more digital currencies.

The minister went on to explain how the government spent the millions it had received, saying that international assistance had aided Ukraine’s military in its day-to-day operations. He added:

“So far, we purchased 400,000 military grade rations for our army, because they really need this food. We [also] bought thousands of bulletproof vests, and other kinds of protection which helped our military in day-to-day operations.“

Related Reading | Ukraine Thanks Crypto Community, Millions Donated to “Protect Freedom”

Crypto Donations Hit $60 Million

According to Elliptic, a blockchain analytics company, Ukraine and a large NGO in the country had received $59.7 million in crypto donations by March 8, 2022.

The funds were received in Bitcoin (BTC), Ethereum (ETH), and Polkadot (POLK) and peaked last week with a $5.8 million donation from Polkadot founder Gavin Wood (DOT). Stablecoins in the US dollar and other cryptocurrencies have also contributed significantly to the money.

As of Tuesday, March 8th, Elliptic reported that ETH accounted for 33.7 percent of all donations. BTC donations made up roughly 31.2 percent of the total, while USD stablecoins made up about 17.0 percent. DOT donations were for 14.5 percent of the total, while other crypto assets accounted for 3.6 percent.

Binance, FTX, and Currency.com, all cryptocurrency exchanges, have contributed to the donations. Currency.com said on March 4 that it has given $1 million.

The value of cryptos has decreased slightly over the last week, as cryptocurrency prices have plummeted due to anxiety over the impact of the Russia-Ukraine conflict. According to TradingView data, bitcoin and ethereum have lost 11.86% and 13.75% in the last seven days, respectively, while altcoins have lost even more.

ukraine

BTC/USD trades at $38k. Source: TradingView

Vitalik Buterin, co-founder of Ethereum, was also in the Twitter Space. He and Bornyakov discussed Ukraine’s role in producing digital money prior to the invasion, and how many people are unaware of the country’s involvement in crypto initiatives.

Ukraine scored fourth in Chainalysis’ global crypto adoption rating for 2021, and the government legalized cryptocurrencies in September.

Related Reading | Mastercard, Visa, Paypal Suspend Russian Operations – No Love For Russia?

Featured image from Unsplash, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

CBDC

What Do We Know About India’s CBDC And Its Graded Approach?

28 mins ago
STEPN

STEPN Token Crashes Following China Ban Announcement

11 hours ago
JP Morgan Embraces Blockchain Technology Yet Jamie Damon Stays Critical Of Bitcoin

JP Morgan Embraces Blockchain Technology Yet Jamie Damon Stays Critical Of Bitcoin

14 hours ago
digital yuan

Digital Yuan Ban: Senators Seek To Ban China’s E-CNY From US App Stores

15 hours ago
Chinese Crypto Exchange Huobi To Expand In Latin America, Buys Bitex Crypto Exchange

Chinese Crypto Exchange Huobi To Expand In Latin America, Buys Bitex Crypto Exchange

15 hours ago
Ray Liotta

Ray Liotta’s Death Elicits Reactions From Crypto Community: Funny Guy, Good Fella

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.