The official tweeter account of Ukraine asked for donations through cryptocurrency on Saturday, just days after Russia invaded their country. They chose Bitcoin (BTC), Ethereum(ETH), and Tether (USDT).
Vice Prime Minister of the country, Mykhailo Fedorov, has confirmed that the call for donations was real and he asked people to “Stand with Ukraine.”
Related Reading | Ukraine Volunteers Group Raised $4M Crypto Amidst Russia’s Invasion
Yarema Duhk, who helped set up the official Ukraine Twitter account in 2016 and is now a communications strategist for government officials, said he believes this tweet was legitimate money from an exterminator’s budget. He isn’t sure what precisely will be spent on though – but it sounds like they have some plans.
Russia’s invasion of Ukraine has sparked a global crisis. The Russian troops have already entered Kyiv, which puts the democratically elected government at risk and could result in less freedom for its citizens than ever before.
Vitalik Buterin, Ethereum’s founder, and a few others were initially concerned that this tweet may have been from scammers who hacked into their accounts. They received confirmation from the vice prime minister of Ukraine but still encourage caution when sending donations in cryptocurrency.
The CEO of Chain.com, Deepak Thapliyal, has donated 100ETH (approximately $278,000) to the cause.
Deepak Thapliyal said on BuzzFeed News;
When I realized the Ukrainian government had requested donations in the form of crypto, I felt compelled to do my part to help. Crypto donations are borderless and near-instant, so I hope that the government there can tap into it as soon as possible to help the people in need.
Ukraine Accepting Crypto Donations Since Long
Since 2018, a volunteer group has accepted crypto donations to aid Ukraine. The Come Back Alive Foundation is one such organization that requested bitcoin for humanitarian relief efforts in Eastern Europe during times of war with Russia over the territory there- which began on Thursday.
A recent report by blockchain analytics company Elliptic revealed $11 million worth donated using cryptocurrencies since invasions started this week.
Related Reading | Help For Ukraine
Ukraine is a crypto haven. The country has embraced cryptocurrencies and passed legislation to legalize them, making it one of only a handful of countries where you can legally trade Bitcoin or other digital currencies without fear of taxes. With their low-cost currency exchange rates combined with an abundance of talented engineers specializing in security protocols relating to this technology, today’s blockchain developments will be built here first.
Ukraine states to admit that the war on social media is real. Charities and NGOs have received Bitcoin donations intended to combat Ukrainian forces at home or abroad, with enemies around every corner.
The crypto market has also taken a massive plunge at the forefront of this war, and billions are gone from capitalization.
Featured image from Pixabay and chart from TradingView.com
