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

27 Jul, 20223 min readOther
Cryptocurrencies Are Essential For Ukraine’s Military Operations, High-Ranking Official Says

On July 26, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, reasserted his support for cryptocurrencies on his Twitter account, saying they were “essential” for the country’s war against Russia.

Bornyakov’s tweeted in response to national media outlet The Kyiv Independent, which noted that despite the cryptocurrency crash, Ukraine continued to receive crypto donations for the country’s military and humanitarian aid.

As Cryptopotato previously reported, the country started accepting crypto donations in early 2022.

Stand with the people of UkraineNow accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1PETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy— Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022

This was a revolutionary move in terms of geopolitics, but not really a surprising for those who follow the crypto ecosystem and know that the country is on the top list in terms of crypto adoption.

Ukraine Received Over $100 Million From Different Crypto Initiatives

As of today, just the Ministry of Digital Transformation of Ukraine has raised over $60 million in donations via BTC, ETH, USDT, DOT, SOL, and USDC on the Aid for Ukraine website.

Additionally, the Ukrainian government has used non-fungible tokens (NFT) to raise even more money for its military operations, creating the “Meta History: Museum of War,” a virtual museum where artists showcase the latest events of the Russia-Ukraine war. These moments are immortalized in NFTs that can be mined by the highest bidder.

So unlike its rival Russia which recently banned the use of cryptocurrencies for payments and cash operations, Ukraine has legalized the use of cryptocurrencies ratifying its pro-crypto stance and counting over $100 Million in crypto donations by March of 2022.

Every “Crypto Winter” Leads To a “Crypto Spring.”

Bornyakov is an optimist. He said that despite the “bear market” and the “crypto winter,” crypto donations have “literally the lives of soldiers.” He also said that “every “crypto winter” leads to a “crypto spring.” However, he refrained from sharing any predictions or elaborating on his words.

He also shared a few words for the growing Web3 industry:

Despite the “bear market” crypto has become an essential tool of Ukraine’s defence, providing flexibility and speed that literally saved our soldiers’ lives. Every “crypto winter” leads to a “crypto spring”, but the industry is here to stay. — Alex Bornyakov (@abornyakov) July 26, 2022

The cryptocurrency market has lost more than two-thirds of its market capitalization. In late 2021 it hit an all-time high of around $3 trillion. If Bornyakov is correct and the new crypto spring recovers the losses, the whole industry would have to register a 3X growth before analysts start talking about a new all-time high.

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