Crypto is an essential tool of Ukraine, says Deputy Minister

Ukraine’s Deputy Minister of Digital Transformation appreciated the role of cryptocurrencies in Ukraine against the current critical situation.

Before 2022, Ukraine was not fond of cryptocurrencies but Ukraine turned into a crypto-friendly country because of the ongoing war against Russia. The whole crypto industry supported Ukraine and donated more than $100 Million worth of crypto assets & NFTs collectibles, to strengthen the Ukrainian army’s power against the Russian military.

On 26 July, Alex Bornyakov, Deputy Minister of Digital Transformation in Ukraine, took to Twitter to share his thank note to the crypto Industry. 

Through the tweet, the Deputy Minister said that the current downfall in the crypto market is still not degrading the support from the crypto industry, that country is getting since March 2022.

Further added:

“(Cryptocurrencies) saved our soldiers’ lives. Every ‘crypto winter’ leads to a ‘crypto.”

Change in Fiat- USD swap rules 

Recently Ukraine’s Central Bank imposed amount restrictions on the banks & individuals to swap Ukrainian fiat currency for the US dollar, to strengthen the native sovereign currency.

The majority of the Ukrainian crypto experts shared their opinion on the new fiat change rules and noted that it will overall result in benefits for the crypto industry because in this situation people will be indirectly forced to choose cryptocurrencies as an alternative option. 

Here it is interesting to see that the Russia vs Ukraine conflict didn’t only turn Ukraine into a crypto-friendly but also Russian government agencies proposed ways to bring crypto-backed payment systems to maintain international trade operations easily against any kind of restrictions.

At present, Russian government agencies are working to develop and introduce new rules & laws in the existing crypto bill 2021, to bring proper crypto regulation to Russia.

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