PRViously on Crypto: Ukraine uses cryptocurrency donations to purchase 5,550 bulletproof jackets, 500 helmets, and other items

The Ukrainian government has used millions of dollars in bitcoin donations to provide thousands of protective vests, packed lunches, medical supplies, and other goods to the country’s military forces, all of which have been distributed free of charge.

Alex Bornyakov, Ukraine’s deputy minister for digital transformation, published a list of items that have been purchased since March 1 with monies raised through cryptocurrency donations. It consists of 5,550 protective vests, 410,000 packed lunches, and 500 helmets, among other things.

Alex Bornyakov, Ukraine’s deputy minister for digital transformation, published a list of items that have been purchased since March 1 with monies raised through cryptocurrency donations. It consists of 5,550 protective vests, 410,000 packed lunches, and 500 helmets, among other things.

Also Read: Bitcoin technical analysis for beginners

According to Bornyakov, who has been in charge of Ukraine’s attempts to safeguard bitcoin, “Crypto assets have shown to be incredibly beneficial in the facilitation of money flows to Amed (sic) Forces of Ukraine.”

Since Ukraine’s initial contribution call, bitcoin donations in the amount of up to $100 million have been received. Aside from various forms of digital currency, the government has also received non-fungible tokens (NFTs), such as CryptoPunk #5364, which sold for tens of thousands of dollars last year and was the subject of a recent investigation.

Bloomberg reported that at least $15 million of those funds had been spent as of last Friday, according to Bornyakov. In addition, the minister informed CoinDesk that certain weapons suppliers were actually accepting payments in cryptocurrency straight from their customers.

In the case of any form of weapon, the same cannot be true.

“Obviously, we are unable to purchase nuclear weapons or rockets,” Michael Chobanian, the chief executive of Ukrainian cryptocurrency exchange Kuna.io, which has assisted the government in managing cryptocurrency donations, told the Washington Post in an interview.

The manner in which Ukraine tried to utilize cryptocurrency in the early days of the conflict has attracted a great deal of attention.

Following the incursion of Russian soldiers into Ukrainian territory, government authorities appealed for donations in cryptocurrency and publicized cryptocurrency donation addresses on social media. In addition, amid a wave of economic sanctions against Russia implemented by a number of nations, Ukrainian politicians have attempted to exert pressure on cryptocurrency exchanges to block Russian accounts.

Legislators and regulatory authorities in the United States have expressed concern about cryptocurrency’s possibility to avoid sanctions. However, there has been no solid evidence of this type of conduct yet.

Also Read: How to: Calculate your crypto taxes

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