Ukraine's Defense Ministry Decides Where Crypto Funds Are Spent
The government's crypto fund has received donations worth $16.8 million. Read the full article by Amitoj Singh
The war between Russia and Ukraine has been the talk of the world for the past week and it has even sparked interest in how cryptocurrencies can be of use. The first example we saw of crypto being used to support causes that the governments would be in Canada. Truckers were originally accepting donations through GoFundme but the Canadian government shut that down.
They did not account for donations being sent in Bitcoin, a permissionless network that can not be shut off. This idea was carried over to support Ukraine in the fight against Russia. While we do not know exactly where the money will be spent a good assumption is that it will be going towards food, gas, and military equipment. So far Ukraine’s crypto fund has received $16.8 million in donations from around the world.
According to Michael Chobian, the founder of Ukrainian exchange Kuna, $14 million of the close to $17 million that was donated has been spent by Ukraine’s Defense Ministry. The defense ministry is the one who is deciding what the crypto funds get allocated to; however, they are not revealing where they are getting spent “due to a level of secrecy involved.”
Polkadot founder Gavin wood has even donated $5 million worth of Polkadot to support the cause. As the feud goes on more and more tokens of worth will be sent to support Ukraine. This is a great story for the advancement of cryptocurrencies and how they can also be used for good and not just the dark web and criminal activities.
