![\"Crypto](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/03\/cryptocurrencies.jpg\")
<\/p>\n<\/p>\n
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. <\/strong><\/p>\n Since the Russian military assault started, Ukraine has been actively seeking financial support in the form of crypto donations<\/a>. \u201cIt\u2019s a very rapid way to get a payment \u2014 in times like that you can\u2019t just wait for days to get money and then you have to distribute them,\u201d the country\u2019s Deputy Minister of Digital Transformation Oleksandr Bornyakov said in an interview.<\/p>\n The official noted that the government in Kyiv set up a cryptocurrency fund in partnership with a major exchange right after the invasion began. \u201cSo money immediately started to go in. And so far we have collected more than $30 million,\u201d Bornyakov told Fox News.<\/p>\n 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\u2019s civilian population. \u201cI think, so far we\u2019ve collected around $100 million for different purposes,\u201d he detailed, without specifying whether he meant crypto assets.<\/p>\n 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:<\/p>\n The positive side of crypto is that we are able to operate internationally.<\/p>\n<\/blockquote>\n Oleksandr Bornyakov elaborated that right now it\u2019s very difficult for Ukrainian authorities to supply anything from abroad because Russian forces have been advancing from multiple directions. \u201cThe crypto fund is really helping to do that very quickly,\u201d he said.<\/p>\n Talking about warnings<\/a> 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.<\/p>\n Although the Ukrainian official is skeptical about Russia\u2019s potential to employ crypto to circumvent the sanctions, his government has been trying to expose<\/a> 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<\/a>.<\/p>\n Having received millions in bitcoin and ether, Ukraine has also been expanding the list of accepted cryptocurrencies to include coins such as polkadot<\/a> and dogecoin<\/a>. The global crypto community has supported humanitarian efforts in the country, with Binance pledging<\/a> $10 million while facilitating assistance from third parties through a crowdfunding initiative.<\/p>\nUkraine Accepts, Spends Millions in Crypto, Deputy Minister Reveals<\/h2>\n
\n