Deputy Minister of Digital Transformation in Ukraine Alex Bornyakov reassured Ukraine’s commitment to cryptocurrencies. Bornyakov said the crypto donations were strategic to Ukraine’s efforts to win the war against Russia.
Ukraine uses cryptography for military operations
Bornyakov published a statement on July 26 stating that cryptocurrencies play a strategic role in the country’s war efforts against Russia. Bornyakov responded to a publication from The Kyiv Independent, which said that despite the decline in the crypto market, Ukraine was receiving donations supporting the country’s military and humanitarian efforts.
Ukraine approved crypto donations earlier this year at the start of the Russian invasion. At the time, the country provided official Bitcoin, Ethereum, and Tether wallet addresses that could be used by those who wished to donate and support the country’s war efforts.
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Ukraine’s acceptance of crypto donations was a transformative step, but it came as no surprise to the crypto community, as Ukraine is one of the best places with the highest level of crypto adoption.
The Ukrainian government has collected more than $60 million worth of cryptocurrencies in the form of donations. Crypto assets received under the initiative include Bitcoin (BTC), Ether (ETH), Tether (USDT), Polkadot (DOT), Solana (SOL), and Circle’s USDC.
The Ukrainian government has also received donations of non-fungible tokens (NFTs) to obtain more money to support the country’s military operations. The government launched the “Meta History: Museum of War”, a virtual museum allowing artists to present the events between Russia and Ukraine. These moments can be minted as NFTs sold to the highest bidder.
The bear market has not affected crypto donations to Ukraine
Bornyakov also expressed optimism about the future of the crypto market, saying the bear market hasn’t stopped crypto from saving the lives of Ukrainian soldiers. He added that the “crypto spring” was on the way but did not share a definitive prediction on future prices. However, he said that “the crypto industry is here to stay.”
The last few months have seen the cryptocurrency market record massive losses. The global crypto market capitalization has lost more than two-thirds of its value. Towards the end of 2021, the global market capitalization reached an all-time high of $3 trillion, and if Bornyakov’s predictions are correct and the crypto winter ends, a new all-time high will only be created if the market records 3X growth.
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