Weapons Suppliers In Ukraine Turn Out To Use Cryptocurrencies As A Transaction Tool

Cryptocurrencies are used as transaction tools for the purchase of weapons of war in Ukraine. (Photo; Doc. TheDrive)

JAKARTA - The majority of companies supply weapons to Ukraine in their defense efforts against Russia are reportedly accepting crypto assets as payments. A new report from Yahoo Finance UK revealed that about 60 percent of arms suppliers in business with Ukraine have received payments in the form of digital assets.

Ukraine's Deputy Digital Minister, Alex Bornyakov, said that some Russian nationals also donated crypto assets to Ukraine. According to Bornyakov, digital assets are preferred because they are much more efficient and secure compared to traditional currencies.

If using a traditional financial system, the payment process can take days. However, with crypto, purchases of essential goods can be made in a short time.

Bornyakov said, "What's amazing is that about 60 percent of suppliers can accept crypto, I didn't expect this." About 33 percent of the donation came from the Crypto Fund Aid For Ukraine program called Bornyakov an "absolute success".

The war between Ukraine and Russia, which is still heating up until now after Russia invaded Ukraine. Ukraine immediately started asking for crypto donations through its government's Twitter accounts, asking for Bitcoin (BTC), Ethereum (ETH), and stablecoin Tether (USDT). Other assets such as Cardano (ADA), Solana (SOL), and Polkadot (DOT) have also been received by Ukraine.

The success of using crypto assets as payment in this crisis situation is proof of the potential use of blockchain technology and crypto for the national interest. Ukraine shows that the use of digital assets can be more efficient and effective in conducting important financial transactions.