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- With the spark of a crisis caused by the invasion of Russia in Ukraine, the country is accepting donations via crypto assets Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
- Ethereum’s founder Vitalik Buterin was initially concerned about whether the call for donations was from scammers who hacked into their accounts.
- Ukraine has been quite crypto-friendly with being one of the countries to trade legally in BTC and other cryptos.
The war between Russia and Ukraine is very much in the limelight currently. And now Ukraine has recently announced about accepting donations via cryptocurrency through their official Twitter account. The crypto assets they chose for donations are Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Mykhailo Fedorov, the Vice Prime Minister of the country confirmed the authenticity of the call for donations and asked the people to Stand for Ukraine.
The Communication Strategist for the government officials Yarema Duhk, who also happens to be the one who helped set up the Twitter account of Ukraine in 2016. He highlighted that he believes this money is legitimate and is from an exterminator’s budget. Though he is not completely aware of what it will be spent on, maybe they have some plans.
The Covid crisis was not even settled properly and this invasion of Russia in Ukraine has stimulated another global crisis. Russian troops have entered Kyiv putting the democratically elected government at risk posing vulnerability of the freedom of citizens like never before.
Ethereum’s founder, Vitalik Buterin was initially skeptical about the authenticity of this Tweet that it might be from scammers. But they received confirmation from Ukraine’s Vice Prime Minister but were still told to be cautious while donating via cryptocurrencies.
But this is not the first time that Ukraine is accepting donations via digital assets. A volunteer group in the country has been accepting donations in crypto assets since 2018. The organization that requested bitcoin for humanitarian relief efforts was The Come Back Alive Foundation, which requested it since the war with Russia began.
The blockchain analytics company, Elliptic recently published a report highlighting that since the invasion has started, the company revealed donated around $11 million via cryptocurrencies.
Ukraine has been quite lenient with digital assets. It has accepted and embraced cryptocurrencies and also passed legislation to legalize them. This makes the country one of those who accept Bitcoin and other crypto-assets to legally trade without fearing any taxations. They have a low-cost currency exchange rate with skilled engineers specializing in security protocols.
Charities and NGOs in Ukraine have received numerous donations to deal with the situation. This war also had a massive impact on the overall market with the crypto assets market taking a plunge and billions going from the market cap.
It is not the first time any country is receiving donations in crypto assets. Hence, no matter what the skepticism is regarding the digital assets, they are helping in some way or the other.
ALSO READ: Ukraine war crises tripled trade volume of Ukrainian cryptocurrency
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
