Cryptocurrencies Are Essential For Ukraine’s Military Operations, High-Ranking Official Says

Alex Bornyakov (Ukraine’s Deputy Minister for Digital Transformation) reaffirmed his support for cryptocurrency on Twitter, declaring that they are “essential” in the country’s fight against Russia.

Bornyakov tweeted his response to The Kyiv Independent’s national media outlet, which noted that, despite the cryptocurrency crash in 2017, Ukraine continues to receive crypto donations to support its military and humanitarian aid.

Cryptopotato reported that the country began accepting cryptocurrency donations in early 2022.

Support the people of Ukraine. We now accept cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20).

BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P

ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14

USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy

— Mykhailo Fedorov, @FedorovMykhailo, February 26, 2022

It was a bold move in geopolitics but not surprising to those who have been following the crypto ecosystem and are aware that the country is at the top of crypto adoption.

Ukraine received over $100 million from different crypto initiatives

Today, the Ministry of Digital Transformation of Ukraine had raised more than $60 million through donations via BTC and ETH, USDT on the Aid for Ukraine website.

The Ukrainian government also used non-fungible tokens to raise more money for military operations. This created the “Meta History Museum of War,” which is a virtual museum that showcases the most recent events in the Russia-Ukraine conflict. These moments are preserved in NFTs, which can be purchased by anyone who is interested.

Ukraine, unlike Russia, which has recently banned cryptocurrency payments for cash operations, has legalized cryptocurrency. It has also ratified its pro-crypto stance.

Every “Crypto Winter”, Leads to a “Crypto spring.”

Bornyakov is an optimist. Bornyakov is an optimist.

He also spoke a few words about the rapidly growing Web3 industry.

Despite being on the “bear-market”, crypto has been an indispensable tool in Ukraine’s defense, providing flexibility as well as speed that literally saved our soldiers’ lives. The industry will not die, and every “crypto winter” is followed by a “crypto Spring”. https://t.co/Zhu93vso5T

— Alex Bornyakov (@abornyakov) July 26, 2022

More than two-thirds (or more) of the market capitalization for cryptocurrency has been lost. It reached an all-time record of $3 trillion in late 2021. If Bornyakov is right and the crypto spring recovers its losses, then the industry would need to experience a 3X increase before analysts begin talking about a new record.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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