Cryptocurrency donations are soaring in Ukraine since the start of the Russian invasion as reported by Elliptic, the global crypto compliance solutions provider. The Ukrainian government and NGOs are doing pleas for cryptocurrency donations by sharing the Bitcoin and Ether wallets accounts on the country’s official Twitter account. These addresses are also shared on the profile of Deputy Prime Minister Mykhailo Fedorov.
This unique crowdfunding method of collecting donations in the form of cryptoassets by Ukraine during its time of crisis has garnered the world’s attention and appreciation. Bitcoins and other cryptocurrency donations are allowing for swift cross-border donations by circumventing the rigid supervising eyes of financial institutions.
The government of Ukraine and NGOs has received about $18.9 million cryptocurrency donations as reported by London-based Elliptic. One single Ukrainian NGO, Come Back Alive, has received a single Bitcoin donation worth $3 million on Friday. This volunteer group supports the Ukrainian military by providing equipment to the country’s army.
Though the Ukrainian military was averse towards donations in the form of digital currencies citing “national legislation does not allow the Ministry of Defense of Ukraine to use other payment systems (‘Webmoney,’ ‘Bitcoin,’ PayPal,′, etc.).” But later the government relaxed its stance on digital currencies. On Sunday, Mykhailo Fedorov tweeted asking all major crypto exchanges to block addresses of Russian users: “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users.”
As per the latest reports available by Sunday, the Bitcoin and Ether wallets currently hold £5.4m. The Ukrainian Digital Ministry says the latest plea for donations is to “help Ukraine armed forces”. The announcement does not state how the money would be spent.
Elliptic founder Tom Robinson told the BBC: “Whereas some crowdfunding and payments companies have refused to allow donations to be made to groups supporting the Ukrainian military, cryptocurrencies have emerged as a powerful alternative.”
The way Ukraine is making use of crypto assistance is powerful proof of how cryptocurrencies can be used as an online fundraising tool in times like these.
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