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Deputy Minister of Ukraine Says ‘Crypto Is Helping’ During Russia Invasion

Crypto has been “essential” in helping the Ukrainian army, said Alex Bornyakov, the Deputy Minister of Digital Transformation.

ukraine
Photo by Twenty20Photos / Evato

Alex Bornyakov, the Deputy Minister of Digital Transformation said today that cryptocurrencies are helping Ukraine during the invasion of Russia.

He attended a Collective[i] Forecast call on Zoom, he said, “In a situation like this where the national bank is not really operating, crypto is helping to perform fast transfers, to make it very quick and get results almost immediately.”

Bornyakov, qualifying his claim, also added that he doesn’t believe that cryptocurrencies are playing a “major part” in the wider economy of the nation, but he did say that their role is “essential in this conflict, in terms of helping our army.”

The deputy minister also added that the total amount of donations that were made to Ukraine in cryptocurrencies is now “close to $100 million.”

Russia’s invasion began 2 days before the Ukrainian government made a tweet containing the wallet addresses to both Bitcoin and Ethereum for any would-be donors who’d be interested in sending funds to the government. This took place on the 26th of February.

According to blockchain records, the said 2 addresses have since received $12 million worth of Bitcoin and $20 million worth of Ethereum. Elliptic, a blockchain analysis firm also published data on the matter, revealing that Ukraine has now received over $60 million worth of cryptocurrency donations.

“To date, the Bitcoin, Ethereum, TRON, Polkadot, Dogecoin and Solana addresses listed in the tweets have received donations worth $51.2 million,” said Elliptic.

Ukraine has been open to exploring opportunities in the crypto space even before the invasion. For example, last year the Ministry of Digital Transformation had drafted legislation in order to legalize cryptocurrencies within the nation. Then, on September 8th, 2021, the parliament of the nation made a vote that’d legalize the industry, allowing it to make crypto exchanges and make them operable legally within Ukraine.

Additionally, in September 2020, Chainalysis, a blockchain analytics firm named Ukraine as the top adopters of cryptocurrencies in the world.

Bornyakov said, “We have one of the strongest and biggest blockchain communities in the world,” in today’s call.

He also added that he hasn’t “heard anything from President Zelensky regarding crypto donations amid the Russian invasion, “but he totally supported us with our initiatives of crypto legislation.”

“He also shares our vision that this could be a breakthrough from an economic standpoint for Ukraine.”

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