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.
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:
- Ukraine raised over $100,000 from Cryptopunk NFT Sale
- Ukrainian artist Alexey Kondakovs NFTs are helping people in Crisis
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