Amidst its ongoing tussle with Russia, Ukraine is relying on crypto to finance its defense efforts. Moreover, using crypto Ukraine can receive and distribute money as well as operate internationally.
According to a high-ranking government official, Ukraine is taking help of crypto to have a means of distributing money in the country. Moreover, the country’s deputy minister of Digital Transformation Oleksandr Bornyakov said:
“It’s a very rapid way to get a payment — in times like that you can’t just wait for days to get money and then you have to distribute them.”
The government official stated that the government partnered up with a major crypto exchange to set up a crypto fund. According to Bornyakov, the country has collected more than $30 million in crypto.
Also, he added that the fund accepts contributions for defense purposes. However, there are other funds that have the sole aim of raising money for humanitarian tasks. Moreover, he stated that they’ve collected a lot more than they’ve expected:
“I think, so far we’ve collected around $100 million for different purposes.”
Bornyakov states that through crypto, the country can operate internationally without any difficuties and intermediaries:
“The positive side of crypto is that we are able to operate internationally.”
When asked about whether Russia would use crypto to evade sanctions, Bornyakov said that his government is helping with crypto exchanges through providing information. However, he is skeptical about Russia’s potential for employing crypto in order to circumvent the sanctions.
Recently, the Ukrainian government is trying to expose crypto wallets the Russian politicians use. However, they haven’t been able to convince major crypto exchanges to freeze all Russian accounts.