Ukraine is Buying Weapons Using Cryptocurrencies

August 23, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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All financial markets including Crypto market have turned red since the Russian invasion of Ukraine On February 24th, two days later on 26th February Ukraine started accepting donations in cryptocurrencies to boost their treasury in order to buy more weapons to fight against Russia.

In March Ukraine has introduced new law to legalize cryptocurrencies use and it was the first country to do so in Eastern Europe, since then Ukraine has been receiving millions in crypto donations for military and humanitarian aid in its war against Russia. The donations have been facilitated by Aid For Ukraine, an initiative launched by Everstake, the Ministry of Digital Transformation of Ukraine and FTX exchange.

The Ukrainian government is spending $54 million of their cryptocurrencies fund on military and medical supplies, says a senior minister.

Ukraine spent $11.8 million on unmanned aerial vehicles (UAVs), according to a breakdown of spending, armored vests came in second at $6.9, bought close to 80,000 items of military clothing and accessories and 5,061 digital rifle scopes, while the breakdown included quantities purchased for most items were not disclosed for security purposes.

The donations have been enabled by Aid for Ukraine, an initiative launched by EverStake, the Ministry of Digital Transformation of Ukraine, and Fintech, also with the use of crypto assets, the government previously managed to sell off non-fungible tokens that had been donated to the war effort.

The U.S. crypto exchange has been supporting the U.N.’s efforts by converting the crypto donations into fiat and sending the donations to the National Bank of Ukraine.

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