After Russia began occupying the nation earlier this year, the Ukrainian government spent $60 million in cryptocurrency donations to purchase weaponry, unmanned aerial vehicles (UAVs), digital rifle sights, and other non-lethal equipment.
The cryptocurrency fund was established with contributions from donors all over the world as a charity for Ukraine. The money was sent to Ukraine to help it survive the conflict with Russia, particularly when it came to purchasing weapons and other useful supplies.
Mykhailo Fedorov, the minister of Ukraine’s digital transformation, posted a list of expenses on Twitter.
“With the $54 million raised by @ AidForUkraine, we were able to provide our defenders with weapons, armor, clothing, supplies, and even vehicles. We appreciate the crypto community’s assistance ever since the large-scale invasion began. gift after donation toward the major triumph, “Tweeted he.
Ukraine’s online opposition
After Russia invaded Ukraine in February, the nation launched several cryptocurrency-based contribution drives to bolster its weaponry and fortifications in a way that had never been done before.
The breakdown also supported the claims made by government officials using
Crypto donations were initially converted to currency by Ukraine’s digital government. Fiat refers to legal tender whose value is linked to a kind of fiat money, such as the U.S. dollar or the rupee in India.
In order to uphold transparency and let its contributors know how their money was used, Ukraine released a detailed account of all expenditures. They did not hold back in demonstrating that a sizeable portion of that fund was spent to purchase firearms. Some others claimed that this choice was understandable given the situation the nation is in.
As reported by the deputy minister of Ukraine’s Ministry of Digital Transformation and the nation’s de facto spokesperson on cryptocurrency, it was previously stated that the country has received crypto donations totaling $100 million.
Additionally, he stated that Kuna, the cryptocurrency exchange in Ukraine, has received $60 million of the whole $100 million at an emergency online conference. Bornyakov said that the remaining cash was transferred to smaller ones.
Additionally, it was claimed that the money provided to Kuna was being used to purchase non-lethal tools. The most recent tweet, however, contradicts that.
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