The deputy minister for digital transformation says that cryptocurrencies allow Ukraine to operate internationally
The ongoing war in Ukraine has forced it to depend more and more on cryptocurrency donations in order to solve humanitarian issues and finance its defences. According to the deputy minister for digital transformation, cryptocurrencies help the country receive and quickly distribute funds and operate internationally.
Ukraine is an Eastern European country with a population of 44 million people and an area spanning 603,700 square kilometres. It borders Russia on its eastern side and shares its southern border with the Black Sea and the Sea of Azov.
Ukraine has begun to accept cryptocurrency payments
In a recent interview with Fox News, Deputy Minister of Digital Transformation Oleksandr Bornyakov explained why Ukraine has been actively seeking financial aid in the form of cryptocurrency.
Getting paid this way allows you to complete your tasks quickly. At such times, you cannot wait all day for money and then have to give it away as well.
During the conversation, the official recalled that Kyiv had established a cryptocurrency fund involving a large stock exchange immediately after the invasion.
Due to the immediate inflow of funds, we have raised more than $30 million so far.
In addition to the fund that accepts donations for defense purposes, Bornyakov noted that other organizations have done a great job of raising money for Ukrainian civilians. Bornyakov didn’t specify whether he was referring to digital assets.
To date, we have raised about $100 million for various purposes.
Further, he stated that Ukraine could convert digital assets into other currencies, such as US dollars and euros, to conduct business globally.