coinculture.com
Ukraine acknowledged how crypto contributions were used, indicating that most were spent on weapons.
According to the Ukrainian Deputy Prime Minister on Thursday, the crypto community has contributed $54 million in cryptocurrency to the humanitarian organisation aid for Ukraine.
New Weapons And Drones For Ukraine
A comprehensive analysis of Ukraine’s expenditures indicates that the government bought weapons, drones, and digital rifle scopes using the bitcoin donated in reaction to Russia’s incursion earlier this year.
Thursday, Deputy Ukrainian Prime Minister Mykhailo Fedorov tweeted:
“Each bulletproof vest, helmet, and night vision device saves the lives of Ukrainian soldiers. We must continue supporting our defenders. Many thanks to the global crypto community for supporting Ukraine!”
On a government-affiliated fundraising website, Deputy Minister of Digital Transformation Alex Bornyakov claimed, “Crypto is a crucial component of Ukraine’s defence.”
The digital ministry that handled bitcoin donations turned the cryptocurrency into fiat money and transmitted the funds to the defence ministry for proper disbursement.
The bulk of Aid For Ukraine’s $54 million has been provided in the form of Ether (ETH) valued at $18.7 million, Bitcoin (BTC) valued at around $13.9 million, Tether (USDT) valued at $10.4 million, and USD Coin (USDC) valued at $2.2 million, according to the MDT.
With $54 M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f
— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022
Global Regulators Monitor Crypto Donations
As cryptocurrencies can be used to evade Western sanctions on Russia, global financial regulators are closely investigating the use of cryptocurrencies during the conflict.
Reuters stated that the $1 trillion cryptocurrency business is on the defensive in reaction to warnings from U.S. and European lawmakers that crypto companies are incapable of complying with Western banking penalties imposed against Russia in retaliation forto its invasion.
In response to social media pleas for donations for military and humanitarian needs in bitcoin and other digital tokens, Ukraine has received over $100 million in cryptocurrency, according to a new study.
In the meantime, roughly $7 million was spent on body armour, $3.8 million on field supplies, $5,2 million on anti-war media efforts, and $5 million on military and medical equipment.