Ukraine Uses Donated Crypto to Pay for Military Supplies — Government Says $50 Million in Crypto Raised in a Week

The Ukrainian authorities publicizes that $50 million in cryptocurrency was raised inside every week since Russia started its invasion of Ukraine. The authorities has to this point spent $15 million in donated cryptocurrency to purchase navy provides.

Ukraine Government Spends $15 Million in Crypto on Military Supplies

Alex Bornyakov, Ukraine’s deputy minister of digital transformation, revealed Friday that his authorities has spent $15 million in donated cryptocurrency on navy provides, together with bulletproof vests, Bloomberg reported. In a Zoom interview from an undisclosed location in Ukraine, he confirmed that the bought navy gear was delivered Friday.

Many folks have donated cryptocurrency to the Ukrainian authorities for the reason that conflict with Russia started.

Mykhailo Fedorov, the vice prime minister of Ukraine and the minister of digital transformation, tweeted Friday that the Ukrainian authorities raised $50 million in cryptocurrency inside one week. Most of the donations had been in bitcoin (BTC) and ether (ETH). Now, he goals to double the funds raised to $100 million.

Bornyakov equally stated that the Ukrainian authorities expects to double its $50 million in cryptocurrency donations within the subsequent two to a few days, Bloomberg conveyed.

He revealed that two days after Russia started its invasion of Ukraine, his ministry discovered suppliers within the U.S. and Europe for the military, together with vests, meals packages, bandages, and evening imaginative and prescient units.

In addition, the deputy minister of digital transformation famous that about 40% of the suppliers are prepared to just accept cryptocurrency funds. The relaxation are paid with crypto transformed into euros and {dollars}.

The ministry can be working with two corporations to launch a non-fungible token (NFT) assortment to boost further funds, the publication additional detailed.

Noting that it could possibly be prepared in lower than two weeks, Bornyakov opined:

No one was able to do navy NFTs, the conflict simply began eight days in the past, they’re nonetheless attempting to determine how to do that when it comes to design.

Regarding donated NFTs, he confirmed that somebody donated a Cryptopunk. However, he added: “But it’s so arduous to promote. We haven’t used it at this level … We are going to maintain it for now. … There’s no time to determine the way to convert them. Maybe as soon as issues calm down, we’ll determine this out.”

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