Ukraine under war: cryptocurrency to support

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As of 11:50 on March 11, Beijing time, Ukraine has received more than $100 million in cryptocurrency donations. Among them, the official address of the Ukrainian government has received about $48.55 million in cryptocurrency.

At 11 pm on February 26, 2022, Mykhailo Fedorov, Deputy Prime Minister and Minister of Digital Transformation of Ukraine, tweeted that Ukraine accepts cryptocurrency donations and discloses the addresses of BTC, ETH and USDT available for donations. It has been 11 years since then. day time.

After the call for donations, the crypto world, from ordinary investors to crypto giants, responded positively and expressed their support for Ukraine. FTX, Ethereum, Polkadot, TRON, Binance, Uniswap, etc. all responded successively. Polkadot and TRON even hoped to exchange the promise of more donations for Ukraine to release their wallet address.

So far, Ukraine has added Polkadot and DOGE donation addresses in addition to the original three receiving wallet addresses, and said it will continue to expand to other cryptocurrencies.

Ukraine under war: cryptocurrency to support

The war crisis has collapsed the traditional financial system, and seeking to establish a new financial system dominated by cryptocurrency is a strategy to maintain the stability of Ukraine’s economy.

As early as September 2021, the Ukrainian parliament submitted a proposal for the legalization of cryptocurrencies. Although the proposal was rejected by President Volodymyr Zelensky at the time, on the grounds that “there is no corresponding infrastructure in Ukraine”, it also legalized cryptocurrency in Ukraine. The road was paved in advance.

Ukraine has 44 million inhabitants, of which more than 5 million are cryptocurrency investors, accounting for more than 11% of the country’s total population. Recognizing the legal status of encrypted assets will not only make it easier and safer for Ukrainians to enter the virtual asset market, but also It can also attract technology companies in the encryption field to enter Ukraine.

With both domestic market support and severe external influence, finally, on February 17, 2022, the Ukrainian parliament passed a bill recognizing the legal status of cryptocurrencies with a very high turnout.

Then on February 24, the Central Bank of Ukraine suspended electronic cash transfers and made ATMs inoperable, which meant that millions of Ukrainian citizens were unable to obtain the funds necessary for their basic living, and the problem of cash difficulties needed to be solved urgently.

A Ukrainian tweeted that his credit card was no longer available, the assets stored in Ukrainian bank accounts had gone with the wind, and now he has only some cryptocurrency left in his hand to protect his basic life. A Danish journalist who went to Ukraine to report also tweeted that Ukraine was short of cash and had to buy a Mazda 3 car for 0.059 bitcoin.

In such chaos, cryptocurrencies have become an important medium for supporting commodity transactions in the Ukrainian market. While its currency legalization bill has guaranteed the basic living materials of civilians, it has also brought tens of thousands of donations to the Ukrainian government in response to its relationship with Russia. conflict between.

Ukraine under war: cryptocurrency to support

Ukraine’s Deputy Prime Minister Mykhailo Fedorov informed the public on Thursday that the country has decided to cancel the cryptocurrency donation airdrop announced on Tuesday and now plans to raise more money through the sale of NFTs.

“After careful consideration, we have decided to cancel the airdrop. Instead, we will soon announce the NFT to support the Ukrainian Armed Forces. We do not have any plans to issue any fungible tokens,” Fedorov announced on his Twitter account.

The crypto airdrop program took an unexpected turn on Wednesday, ahead of the Ukrainian government airdrop scheduled to kick off on Thursday, March 10 at 6pm Kyiv time, as scammers started targeting by creating a fake token that looked like the official one. Fundraising in Ukraine. Scammers created a fake token and made it look like an official airdrop token from cryptocurrency donors.

The fake airdrop started nearly an hour before the official announcement time, but Etherscan eventually flagged it as fake. A few hours later, Fedorov announced that Ukraine had scrapped the crypto airdrop program and now plans to use NFTs to support the country’s armed forces.

On March 8, Ukrainian boxing star Wladimir Klitschko plans to release an NFT to raise funds to support Ukraine’s war effort, and the funds raised will be donated to the Ukrainian Red Cross and UNICEF.

In addition to sports players, Ukrainian media agencies Ukrainska Pravda, Novoye Vremya, and Hromadske are also planning to launch NFTs to raise $1 million, which goes directly to the media itself to support coverage during the war.

Ukraine under war: cryptocurrency to support

Alexander Bornyakov, Deputy Minister of Ukraine’s Digital Transformation Department, also stated that Ukraine’s cryptocurrency industry will grow fourfold in 2021, far exceeding other economic fields, and it will be a strong driving force for the development of Ukraine’s digital economy. At the same time, Ukraine, which has a friendly policy environment, also has extensive “Crowd-based”, the number of cryptocurrency users has entered the top five in the world, and the New York Times even reported that the daily trading volume of Ukraine’s cryptocurrency far exceeds its fiat currency, the hryvnia.

Ukraine is a legitimate regime for the West, and the war has made it widely sympathetic to the Western public. Ukraine’s use of cryptocurrencies for international fundraising helps demonstrate the advantages of blockchain over traditional currencies in terms of fast settlement and resilient transaction processing. Although the cryptocurrency funds raised in Ukraine are insignificant compared to those from traditional financial channels, it puts blockchain on the world map as a legitimate challenger to the traditional banking orbit.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ukraine-under-war-cryptocurrency-to-support/
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