Ukraine Reveals How It Is Spending Crypto Donations

Ukraine Reveals How It Is Spending Crypto Donations

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Crypto Donations

Since Ukraine shared wallet addresses for crypto aid, funds have been pouring in the form of the accepted digital coins. Ukraine went ahead to disclose how it is spending these cryptocurrencies.

A Ukraine Ministry of Digital Transformation spokesperson confirmed that the addresses receiving the crypto contributions are state-owned. Blockchain technology allows one to track funds up to a certain point by entering the public addresses into an explorer that sees the list of incoming and outgoing transactions.

Crypto Donations are contributing to Saving the Lives of Ukrainian Soldiers

According to the announcement, Ukraine has used crypto donations to buy 5,500 bulletproof jackets, 410,000 packed lunches, 500 ballistic plates for bulletproof vests, 3,125 thermal imagers and optics, 500 helmets, 3,427 medicines, and 60 walkie-talkies.

Ukraine bought all these supplies using crypto contributions from March 1. Alex Bornyakov revealed that the nation had received close to $100 million in crypto aid this week. The funds have been directed to the acquisition of non-lethal military equipment.

Bornyakov disclosed that some suppliers were accepting payments directly in cryptocurrency. However, he did not tell what military equipment was being bought with cryptocurrency.

Alex Bornyakov, the Deputy Minister of Ukraine’s Ministry of Digital Transformation, revealed how the incoming donations were being spent. Bornyakov tweeted that crypto assets had proved extremely helpful in facilitating funding flows to the Armed Forces of Ukraine.

Crypto Has Stepped in for Ukraine

During a Collective Forecast Zoom call earlier in the week, Bornyakov also stated that crypto was helping Ukraine. He explained that in the current situation where the national bank was not operating, crypto had performed fast transfers and facilitated quick and easy results.

In the meeting, Bornyakov clarified that crypto was not playing a significant part in Ukraine’s broader economy but remained essential in the conflict. In the announcement tweet, Alex Bornyakov stated that every helmet and vest bought via crypto contributions currently had contributed to saving Ukrainian soldiers’ lives.

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