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

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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.

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:

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.

Total Crypto Market Cap. Image: Tradingview

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