Latest News

Officials claim that cryptocurrency allows Ukraine to ‘operate internationally’

Ukraine has been aggressively soliciting financial help in the form of cryptocurrency donations since the Russian military invasion began. In an interview, the country’s Deputy Minister of Digital Transformation Oleksandr Bornyakov stated, “It’s a really speedy way to get a payment – in circumstances like that, you can’t just wait for days to collect money and then you have to distribute them.”

The person stated that shortly after the invasion began, the Kyiv government established a cryptocurrency fund in collaboration with a major exchange. “As a result, money began to flow in almost immediately. “We’ve gathered almost $30 million so far,” Bornyakov told Fox News.

Although the organization to which he was referring accepts contributions for defense objectives, Bornyakov said that other charities had been successful in raising funds for humanitarian aid to Ukraine’s civilian population. “I believe we’ve collected around $100 million for various causes,”

So, he says, without indicating whether he is referring to crypto assets.

Ukraine can transfer the digital money it gets into other currencies, including US dollars and euros, according to the deputy minister.

“The positive side of crypto is that we are able to operate internationally.”

Because Russian soldiers are advancing from various directions, Oleksandr Bornyakov added that it is currently extremely difficult for Ukrainian authorities to obtain supplies from abroad. “The crypto fund is actually assisting us in doing that swiftly,” he said.

Concerns that Russia might use cryptocurrency to evade Western sanctions were addressed by Bornyakov. Of course, who stated that Ukraine had been in contact with major crypto exchanges, blockchain forensics firms. Then, and anti-money laundering bodies to provide them with information about Russians who are subject to the sanctions.

Although the Ukrainian official is skeptical of Russia’s ability to use cryptocurrency to circumvent sanctions. So, his government has been attempting to expose crypto wallets used by Russian politicians. However, has been unsuccessful in convincing platforms such as Binance. Then, and Kraken to freeze all Russian accounts, as Kyiv had requested.

Ukraine has been expanding its list of acceptable cryptocurrencies to include coins like polkadot. Then, and dogecoin, after receiving millions in bitcoin and ether. Binance pledged $10 million while supporting third-party aid through a crowdfunding project. Thereby, demonstrating the global crypto community’s support for humanitarian efforts in the country.

Related Posts – XRP Price Goes Up After Unexpected Reappearance On Coinbase

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.