Aid For Ukraine said in a tweet, “Thank you for this great help, thank you for creating Buterin and Ethereum.” Ukraine’s Deputy Minister of Digital Transformation Alex Bornyakov also thanked Buterin for standing with Ukraine. According to CoinTelegraph, Ukraine has received about $133 million in crypto donations. Ukraine’s President Volodymyr Zelenskyy signed a virtual assets bill on March 17 to give legal status to cryptocurrencies in his country. Crypto exchanges and firms dealing in digital assets in Ukraine will be required to register with the government and banks will be allowed to open accounts for crypto firms.
In Ukraine, donations received in crypto are being used to buy essential commodities like fuel. Apart from this, equipment for the military is also being purchased from this donation. Last month, another Ethereum co-founder Joseph Lubin said that crypto can be seen as one of Ukraine’s better weapons against Russia. The Ukrainian government says that the absence of intermediaries has enabled it to receive funds from cryptocurrencies very quickly. It takes several days for funds from bank transfers to reach the accounts of the Government of Ukraine. Funds are received with cryptocurrency within minutes.
Despite the sanctions imposed by several countries on the Russian banking system, it is reported that many Russian citizens are using cryptocurrencies to save their money. Keeping funds in cryptocurrencies is helping these people avoid losses due to the steep fall in the value of the Russian currency, the ruble. This method can also be effective for the Russian government, companies and big businessmen.
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