Cryptocurrency donations for Ukraine have ballooned to more than US$10 million as this week started. This development comes as the Ukrainian Government has relaxed its position with virtual currency being a method of accepting financial assistance.
We are quite interested to learn this news regarding the rise in cryptocurrency donations for Ukraine. We think it can help our readers understand how significant virtual assets are in many ways, and in this scenario, in armed conflicts like the on-going Russia-Ukraine war.
According to the news posted online by business, markets, and finance news source CNBC, the Ukrainian military initially suggested that it could not accept cryptocurrency donations for Ukraine, such as those in digital currencies form like Bitcoin.
A statement on the Ukrainian Government’s website indicated that national legislation does not permit the Ministry of Defense of Ukraine to utilize other payment systems, such as Webmoney, PayPal, Bitcoin, and so forth. Nevertheless, the government body appeared to have modified its previous stance lately.
At the time of writing, Ukraine’s government has raised over US$10 million. This development involving cryptocurrency donations for Ukraine has led the authorities to turn to an unlikely crowdfunding technique to aid it in getting through the brutal incursion by Russian President Vladimir Putin’s armed forces.
Interested donors who want to send their cryptocurrency donations for Ukraine can refer to the Ukrainian Government’s official Twitter account. Last Saturday, February 26, the Ukrainian Government posted addresses for two cryptocurrency wallets.
One of them takes Bitcoin only, while the other accepts Ether and Tether, which is a token that tracks the US dollar’s value. These two cryptocurrency wallets have attracted US$10.2 million worth of cryptocurrencies as of yesterday, Sunday, February 27, based on the research by blockchain analytics company, Elliptic.
That amount of cryptocurrency donations for Ukraine is on top of the millions in virtual currency donated to non-governmental organizations supporting the Ukrainian military. Come Back Alive has raised millions of dollars worth of cryptocurrencies since Russia’s invasion began last Thursday, February 24.
This non-governmental organization provides equipment to the Ukrainian military and has accepted cryptocurrency donations since 2018. Elliptic cited that roughly US$1.86 million of the funds donated to Ukraine’s government were generated via non-fungible token or NFT sales, originally intended as fundraising for WikiLeaks founder Julian Assange.
Moreover, the blockchain analytics firm relayed that the total cryptocurrency donations for Ukraine’s government and NGOs supporting the military stand at US$16.7 million at the time of writing.
In a blog post yesterday, Elliptic chief scientist Tom Robinson said that crypto-assets like Bitcoin have emerged as a significant alternative crowdfunding technique. He pointed out that cryptocurrencies facilitate fast cross-border donations, bypassing financial institutions that might be blocking the payments to the intended recipients.
We find it heartwarming to learn about the massive outpouring of cryptocurrency donations for Ukraine. We agree that this kind of assistance is truly worthwhile, besides the words of encouragement and prayers from the people worldwide and the world’s government bodies’ actions against the Eastern European nation’s enemy, Russia.
Furthermore, we believe this development involving accepting cryptocurrency donations for Ukraine demonstrates how crypto-assets can be useful in many fields. We encourage our followers, especially those who are virtual currency investors, to lend a hand to the Ukrainian citizens who are victims of the current war.
We believe the cryptocurrency donations for Ukraine will help this country’s people tremendously as they badly need assistance amid Russia’s on-going military offensive in their homeland.