Bitcoin News and Finance
Crypto Allows Ukraine to ‘Operate Internationally,’ Official Says Skip to main content

Crypto Allows Ukraine to ‘Operate Internationally,’ Official Says

Crypto Allows Ukraine to ‘Operate Internationally,’ Government Official Says

Amid ongoing hostilities with advancing Russian forces, Ukraine has been increasingly relying on cryptocurrency donations to solve humanitarian problems and finance its defense efforts. Crypto helps the country to receive and quickly distribute money and operate internationally, a high-ranking government official has indicated.

Ukraine Accepts, Spends Millions in Crypto, Deputy Minister Reveals

Since the Russian military assault started, Ukraine has been actively seeking financial support in the form of crypto donations. “It’s a very rapid way to get a payment — in times like that you can’t just wait for days to get money and then you have to distribute them,” the country’s Deputy Minister of Digital Transformation Oleksandr Bornyakov said in an interview.

The official noted that the government in Kyiv set up a cryptocurrency fund in partnership with a major exchange right after the invasion began. “So money immediately started to go in. And so far we have collected more than $30 million,” Bornyakov told Fox News.

The fund he was referring to accepts contributions for defense purposes but Bornyakov pointed out that other funds successfully raise money for humanitarian tasks in support of Ukraine’s civilian population. “I think, so far we’ve collected around $100 million for different purposes,” he detailed, without specifying whether he meant crypto assets.

The deputy minister explained that Ukraine can convert the digital money it receives into other currencies such as U.S. dollars and euros as he also emphasized:

The positive side of crypto is that we are able to operate internationally.

Oleksandr Bornyakov elaborated that right now it’s very difficult for Ukrainian authorities to supply anything from abroad because Russian forces have been advancing from multiple directions. “The crypto fund is really helping to do that very quickly,” he said.

Talking about warnings that Russia might also use cryptocurrency to evade western sanctions, Bornyakov pointed out that Ukraine had been in touch with major crypto exchanges, blockchain forensics firms, and anti-money laundering bodies to provide them with information about Russians to which the restrictions apply.

Although the Ukrainian official is skeptical about Russia’s potential to employ crypto to circumvent the sanctions, his government has been trying to expose crypto wallets used by politicians in Moscow but failed to convince platforms like Binance and Kraken to freeze all Russian accounts as Kyiv had requested.

Having received millions in bitcoin and ether, Ukraine has also been expanding the list of accepted cryptocurrencies to include coins such as polkadot and dogecoin. The global crypto community has supported humanitarian efforts in the country, with Binance pledging $10 million while facilitating assistance from third parties through a crowdfunding initiative.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

Do you expect Ukraine to continue to rely on cryptocurrency donations? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory