Ukraine, which has waged a staunch defense against Russian invasion, says it has pioneered a new source of financial support: People around the world who have donated millions of dollars directly to its war effort via cryptocurrencies such as bitcoin.
Since Feb. 26, when Ukrainian officials began tweeting calls for cryptocurrency donations, the Ukrainian government says it has taken in almost $67 million of its $200 million goal as of Saturday. “Today, crypto is playing a significant role in Ukraine’s defense,” Alex Bornyakov, the country’s deputy minister for digital transformation, wrote on the nation’s donation website.
Ukraine has spent about $34 million of the funds received as of last week, converting about 80% to traditional currencies and using the remainder with merchants that already accept cryptocurrencies, Bornyakov said in response to emailed questions.
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