Russia-Ukraine War: Ukraine is constantly seeking the help of the global crypto community for funding in the midst of the ongoing war with Russia. According to a report, funds received by Ukrainian authorities are being used to buy basic things like food and fuel. The crypto asset is also being used to buy military equipment such as bullet-proof vests and night vision goggles for Ukrainian soldiers. Russia invaded Ukraine on February 24 due to long-standing and unresolved geopolitical tensions, and the two countries have been at war ever since.
A live update post by analytics firm Elliptic on Tuesday, March 8, revealed that the Ukrainian government, along with a non-governmental organization (NGO) providing aid to the military, has raised nearly 120,000 crypto donations in recent days. Has raised $ 60 million (about Rs 460 crore).
According to a report by Coindesk, Ukraine’s Ministry of Digital Transformation is using Bitcoin, Ether and Dogecoin among other cryptocurrencies to buy military equipment.
Ukraine’s Deputy Defense Minister Alex Bornyakov has given the ministry a long list of requirements, after which crypto funds have been allocated for those things.
Read also: South Korea Joins List of Countries Sanctioning Russian Crypto Users Over Ukraine Ivasion
The report quoted Bornyakov as saying “Some military suppliers have accounts in crypto. In fact, some of them have companies and bank accounts in jurisdictions where crypto transactions are allowed. And they are just Ethereum, Bitcoin and some stable coins.” I can get crypto.”
Tether, USD Coin, and Binance USD are stable coins that are combined with a stable reserve asset such as gold or any fiat currency such as the US dollar.
Ukraine began accepting donations in crypto earlier this month. The country’s government is operating a multi-signature wallet to control the cryptocurrencies received in donations.
Read also: Ukraine Now Accepts Crypto Donations in Dogecoin, Calls on Elon Musk for More Support
For every crypto transaction, three out of five authorized personnel have to sign and approve the process.
Ukrainian authorities have promised to list all supplies purchased using the crypto asset once the war is over.
Along with non-lethal military equipment, crypto donations are also being used for essential medical equipment.
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