Ukraine’s Minister believes Cryptocurrency is an important tool for raising funds

Since Russia began raiding Ukraine, cryptocurrency is becoming an essential way to reach out to investors and ask them to support and raise money for the ongoing war.

Ukraine Minister Alex Bornyakov

Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, mentions in his tweet how significant cryptocurrency is to the country’s defense strategy.

Even though the market has been going down recently, he is convinced that cryptocurrencies will not go away.

Also read, Ukraine’s Meta History Museum raises $100,000

The War in Ukraine and Cryptocurrency and NFTs…

After the Russian invasion of Ukraine on February 24, the Ukrainian government utilized social media to ask for donations in cryptocurrency. Since then, the East European country has counted on cryptocurrencies to acquire and keep its money safe.

In comparison to traditional banking, digital currencies have multiple advantages over other ways to send money across borders. This includes the fact that transactions can be done fast and anonymously.

The founder of the biggest cryptocurrency exchange in Ukraine, KUNA, Michael Chobanian revealed that it takes 10 minutes for a Bitcoin block to close the average confirmation time for a Bitcoin payment. And it takes about three days to do the same thing via the banking system.

It’s hard to say how much money Ukraine has assembled from cryptocurrencies, but some authorities believe it’s well over $100 million. Donations of crypto have been used for many items, like emergency supplies, military equipment, food, water, and gas.

However, Donations are worth less now because cryptocurrency prices have dropped a lot in recent times. But this doesn’t appear to stop Ukrainians who are interested in cryptocurrencies from attempting to make money.

The most major independent beer brand in Ukraine, Obolon, is looking to help people by giving away free water by selling NFTs that cannot be exchanged for cash.

The Ukrainian government is still exploring different methods for artists who use cryptocurrency to create NFTs and earn money for the country. These NFTs are sold to raise money for the military and for restructuring the country.

Here are some instances covered by NFTHi:

Hungry for more information?

NFT Calendar from NFTHi

Check out the Latest NFT News!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

Join us on Telegram!

NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFTs

Share This Post

Related Posts sends ETH to the wrong wallet address

Cryptocurrency exchange incorrectly sent 320,000 ETH to a...

ENS Bidding “Joke” went sideways, and the user loses 100 ETH

An NFT collector has lost 100 ETH i.e. USD 148,665 as...

Meta teams up with DressX for upgrading Avatar Store

Tech giant Meta is upgrading its newly launched avatar...

MetaTag has introduced NFT usernames just for gamers 

In the future, MetaTag will be used for web3...

M&M’s teams up with KINGSHIP for Physical Collectibles

Mars Wrigley, the parent company of M&M’s, has teamed...