Alex Metzger Alex Metzger 25.03.2022

Ukraine Buys Military Equipment with Crypto Donations

The government of Ukraine has been looking forward to getting any possible help from any nation of the world. Therefore, it started recently to accept cryptocurrency donations as well. So far, the country has already spent about $15 million in getting military supplies, as per the bitcoin code. This applies includes a bullet-proof vest as well as other weapons. According to the government of Ukraine, these West were delivered by Friday, and also, it is looking forward to purchasing more of these things. These statements were given by the deputy minister of digital transformation of Ukraine and made clear that it is not going to bend down in front of Russia anytime soon.

The Ukrainian government has been accepting cryptocurrency donations for the past few days now. However, it has already got $50 million of crypto donations so far. The above-given figures are just for the past two or three days, and in a zoom interview, the authorities said that it will double the donations it has been receiving now. Also, the zoom interview conference between the deputies of Ukraine was made From an undisclosed location inside the bodies of Ukraine. Also, it is essential to note that the people are making donations to Ukraine for doing so more with the help of a bitcoin and ETH only. The other cryptocurrencies are also being paid, but their numbers are far lesser than the bitcoin and ETH. So, the government has gotten a lot of support from the people and different nations in this world, and it can certainly win the world if they stand firm.

How is it done?

Because of the war situation between Russia and Ukraine, many multinational companies are not looking forward to providing services to any of the nations. However, the 250 person Ministry of Ukraine has made many efforts to get everything they can from the surrounding nations. To provide supplies to the military personnel, they have found some suppliers from Europe and the United States to get wet and food packages. However, apart from these, war casualties are not overlooked. The military personnel is also injured during the war, and therefore, it has also been looking forward to getting supplies of bandages and night-vision devices. Furthermore, the Russian army has been invading Ukraine, and therefore, supervision of the country during the nighttime is also crucial in this challenging time.

It is not the case that every company from which it is getting supply is willing to accept cryptocurrencies. As per the reports from ministers of Ukraine, only 40% of the suppliers of these goods are willing to accept cryptocurrencies of payment. Therefore, the other companies must convert the crypto coins into fiat money and then pay for continuous supply. Also, it is essential to know that cryptocurrencies are mostly converted into euros and dollars for paying to these companies that are not willing to accept crypto payments.

The government of Ukraine also mentioned that there are a lot of companies and cryptocurrency start-ups that have donated money to the country. However, the highest number of donations came from the people of different world nations. Therefore, the other nations and the Russian people are making donations to Ukraine to support the right side in the war.

How were Crypto Accepted as Donations?

Ukraine is just a tiny nation alongside the Russian border, and earlier, it was just a part of Russia. However, Ukraine was happily ruling when Putin did not drive the government. The Ministry of digital transformation for Ukraine has formed just two years ago. Also, it aims at making Ukraine more developed and better in terms of information technology services. Also, the central part of the digital transformation Ministry is to help the officials to acquire any such things which can lead to further development of the country. The idea of accepting cryptocurrencies as donations is also said to be coming from this Ministry only. It is none other than the digital transformation Ministry, which made many contributions to making the government accept cryptocurrency donations. First of all, DoT what is the cryptocurrency that was accepted, and then another crypto coin is followed. Even though some people resisted the acceptance of cryptocurrencies as a nation because of their liquidity problem, other servers support the same.