Ukraine minister reiterates that cryptocurrencies are ‘essential tool’ in the country’s defense

Since Russia’s invasion of Ukraine began, cryptocurrencies have played an important role in the conflict. After all, they became an essential tool for the population of both countries to flee the war.

In this regard, the Deputy Minister of Technology of Ukraine, Alex Bornyakov, emphasized the role of digital assets for the country. According to him, Bitcoin and other cryptos remain crucial to the country’s defensive strategy.

Although the market has experienced a sharp downturn, Bornyakov is convinced that cryptocurrencies will not disappear:

“Despite the bear market, cryptocurrencies have become an essential defense tool for Ukraine. They provide more flexibility and more speed, which literally saved our soldiers’ lives. Every ‘bear market’ leads to a ‘Spring market’. And this industry is here to stay,” he said.

After the Russian invasion, the government of Ukraine used social media to ask for cryptocurrency donations. Since then, the Eastern European nation has used the assets as a way to raise funds.

Cryptocurrencies and War

As Michael Chobanian, founder of Ukraine-based exchange KUNA, highlighted, there are many advantages with BTC:

“It takes 10 minutes for a Bitcoin block to close and the transaction to be sent. And it takes about three days to do the same thing through the banking system,” he said.

While it is difficult to estimate how much Ukraine has made through cryptocurrencies, some sources claim it is well over $100 million.

Over the past few weeks, cryptocurrencies have dropped sharply and donations have lost some value as a result. However, this fact does not seem to discourage enthusiasts of these Ukrainian assets from seeking to raise funds.

Obolon, Ukraine’s largest independent beer brand, plans to sell non-fungible tokens (NFTs) to help distribute free water for humanitarian aid.

Additionally, the country’s government continues to pursue cryptocurrency fundraising opportunities with artists to create NFTs. The NFTs will be used to secure funds for the country’s defense and reconstruction process.

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