Ukraine using direct crypto payments to buy weapons: crypto adoption

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The Ukrainian government purchased necessary things which are needed for the military armed forces to sustain the future against Russia.

Today is the 18th day of the Russia vs Ukraine fight. Ukraine is very near to losing this fight against Russian military invasions because of its small potential over Russia. Many countries announced to support Ukraine financially. The Crypto industry also showed a better inclination toward Ukraine to support it financially. 

At present, the Ukrainian government collected around $100 million worth of crypto assets ( Bitcoin, Ethereum, Polkadot, USDT, etc), since 1 March.

A couple of days ago, Alex Bornyakov, deputy minister of Digital Transformation of Ukraine, confirmed that Ukraine purchased 5,550 bulletproof vests, 410,000 packed lunches, and 500 helmets. 

Deputy Minister said: 

“Crypto-assets proved extremely helpful in facilitation of funding flows to the Amed (sic) Forces of Ukraine.”

In an interview with Bloomberg, the Deputy Minister confirmed that the government used $15 Million worth of crypto donation to purchase things to power up the armed forces of the country.

More Interestingly, in an interview with Coindesk, the Deputy Minister said that they purchased weapons directly from the weapons suppliers, because they were directly accepting crypto payments. 

Crypto NFTs & currencies acceptance in Ukraine 

Since 1 March, the Ukrainian government officially started to accept crypto donations under the leadership of Alex Bornyakov. 

Through this industry’s help, Ukraine didn’t only collected a significant amount of crypto assets donations but also collected CryptoPunks NFTs. 

Reportedly CryptoPunk #5364 was transferred to the crypto donations fund of Ukraine, which was sold at $10k last year. 

UkraineDAO, a newly decentralized organization in favour of Ukraine, also collected huge amounts of funds to help Ukraine. The team of UkraineDAO donated a total of  2130 Ethereum, at the time of writing this article. 

Read also: EU’ MiCA framework still includes provisions to restrict POW Cryptos but there is a catch