In the midst of the ongoing conflict invasion of Ukraine, the country has been receiving massive amount of humanitarian aid in the form of crypto donations from a variety of sources. In a moment of crises, digital coins have come to the rescue, not to supersede the current financial system – which is in shambles- but to support the nations war efforts and its citizens.
Ukraine’s Deputy Minister at the Ministry of Digital Transformation Alex Bornyakov commented that the nation has received some $100 million in crypto donations since the beginning of the Russian-led invasion. Out of this sum, the country has already spent $15 million on military supplies.
A wide range of cryptocurrencies were received, including huge amounts of BTC and ETH, as well as other leading coins.
Moreover, the adoption of digital coins has risen in the country amid the conflict due to the collapse of the local banking system. In a way, cryptocurrencies are moving enabling the country to still have a semi-quasi financial system.
Meanwhile, Russia’s crypto adoption and usage has also grown, particularly where the global sanctions have blead the nation’s systems most. Many Russians are relying on crypto transactions for daily transactions, yet experts say that this won’t be long lived, since cryptocurrencies are under increasing regulatory scrutiny.
The Russian-led invasion has created an unprecedented 21st-century conflict that has put both economies in turmoil, but for obvious different reasons.