On July 26, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, reaffirmed his support for cryptocurrencies on his Twitter account, saying that they were “essential” to the country’s war against Russia.
by Bornyakov tweeted in response to the national media outlet The Kyiv Independent, which noted that despite the cryptocurrency crash, Ukraine continued to receive crypto donations for the country’s military and humanitarian aid.
As Cryptopotato previously reported, the country began accepting cryptocurrency donations in early 2022.
Support the people of Ukraine
We now accept donations in cryptocurrencies. Ethereal. Bitcoin and Tether (USDTtrc20)
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022
This was a revolutionary move in terms of geopolitics, but it came as no surprise to those who follow the crypto ecosystem and know that the country is on the top list in terms of crypto adoption.
Ukraine received more than $100 million from different crypto initiatives
As of today, Ukraine’s Ministry of Digital Transformation alone has collected over $60 million in donations via BTC, ETH, USDT, DOT, SOL, and USDC on the Help for Ukraine website.
In addition, the Ukrainian government has used non-fungible tokens (NFTs) to raise even more money for its military operations, creating the “Meta Historia: War Museum”, a virtual museum where artists show the latest events of the war between Russia and Ukraine. . These moments are immortalized in NFTs that can be mined by the highest bidder.
So, unlike its rival Russia, which recently banned the use of cryptocurrencies for payments and cash transactions, Ukraine has legalized the use of cryptocurrencies by reaffirming its pro-crypto stance and counting on more than $100 million in cryptocurrency donations for March 2022.
Every “crypto winter” leads to a “crypto spring”.
Bornyakov is an optimist. He said that despite the “bear market” and “crypto winter,” crypto donations have “literally the lives of soldiers.” He also said that “every “crypto winter” leads to a “crypto spring.” However, he refrained from sharing predictions or elaborating on his words.
He also shared a few words for the growing Web3 industry:
Despite the “bear market”, cryptocurrencies have become an essential tool for the defense of Ukraine, providing flexibility and speed that literally saved the lives of our soldiers. Every “crypto winter” leads to a “crypto spring”, but the industry is here to stay. https://t.co/Zhu93vso5T
— Alex Bornyakov (@abornyakov) July 26, 2022
The cryptocurrency market has lost more than two-thirds of its market capitalization. At the end of 2021 it reached an all-time high of around $3 trillion. If Bornyakov is right and the new crypto spring recoups losses, the entire industry would have to post 3X growth before analysts start talking about a new all-time high.
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This post Cryptocurrencies Essential to Ukraine’s Military Operations, Says Senior Official
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