Ukrainian volunteers and NGOs have taken it upon themselves to brace for a possible invasion by Russian troops by raising Bitcoin and Cryptocurrencies via crowdfunding. This is their massive attempt to financially support the country’s military and defence personnel, as per the journal published by Elliptic, a blockchain firm whose core expertise is in developing tools for Binance and Circle.
This is not the first time, the NGO from Kyiv – Myrotvotrets Center, has been accepting Bitcoin donations since 2016 for its pro-Ukrainian causes from more than 40 countries and so far they have raised $ 2,67,000.
Although conventional transactions form a large portion of such crypto transactions, Bitcoin turns out to be more feasible to bypass the existing financial institutions which might put sanctions on Ukraine and is tough to track.
According to Kyiv Post, Ukraine welcomes the cryptocurrency market to open up shops and invites investors in 2022.
‘Come Back Alive’ is one among the groups receiving donations via cryptocurrencies which helps the Ukrainian military with crucial war combat equipment, defence training, and medical supplies.
While the report from the blockchain firm Elliptic suggests that the activists have been swift in engaging with the Russian targets through cyberattacks since 2016, Come Back Alive has raised close to a million dollars and counting.
Ukrainian President Mr. Zelenskyy on his official visit to the US in August 2021 spoke of Ukraine’s nascent “legal innovative virtual assets market” as the USP for investment.
Adding to which Mr. Federov, Minister for digital transformation said Ukraine was adept with the latest transaction practices with the President signing a law to legalize the central banks to mint their own digital currency.
