Ukraine Receives Huge Revenue From Cryptocurrency Donations

Ukraine accepting cryptocurrency donation. (Unsplash)

JAKARTA – Cryptocurrencies have become an important element for today's economy despite the central bank's tough stance against cryptocurrencies. These digital assets are also important for a war-torn country like Ukraine.

This was conveyed by Deputy Minister of Digital Transformation of Ukraine, Alex Bornyakov. On July 26 he stated that cryptocurrencies are important for Ukraine in the fight against Russia. Therefore, he announced that he was re-opening cryptocurrency donations in his Twitter post.

This is Bornyakov's response to the national media coverage of The Kyiv Independent, which noted that despite the crypto crash, it was still needed by Ukraine to support the military and humanity in the country.

As previously reported, Ukraine received crypto donations in February 2022. Since then, a number of companies and key figures from the crypto industry have donated their cryptocurrencies including Binance, Changpeng Zhao, Ethereum founder Vitalik Buterin and Polkadot founder Gavin Wood.

“Support the Ukrainian people. Now accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)," wrote Bornyakov's Twitter post on February 26.

In the post, he also listed a number of addresses for cryptocurrencies BTC, ETH, and USDT as follows:

BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P

ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14

USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy

To date, Ukraine's Ministry of Digital Transformation has raised more than US$60 million from crypto donations BTC, ETH, USDT, DOT, SOL, and USDC on the Aid for Ukraine website.

Apart from cryptocurrencies, Ukraine also accepts donations of NFT (Non-Fungible Token) digital assets. Some of the funds raised, apart from meeting military needs, were also used to create a virtual museum.

It is intended to showcase historic moments of the wars between Ukraine and Russia. Ukraine has received revenue from crypto of more than 100 million US dollars as of March 2022.

The Deputy Minister of Digital Transformation of Ukraine added that despite the decline in the crypto market in the bear market phase and the crypto winter that occurred in recent months, crypto donations have strengthened the Ukrainian army.

Bornyakov further stated that the bear market will change to a bull market. He sees the crypto market will recover as before.