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A new estimate indicates that the country has received at least $100 million in crypto contributions since the Russian invasion.
Sunday, Ukraine's vice prime minister and minister of digital information, Mykhailo Fedorov, released a snapshot of how the country spends cryptocurrency donations: 200 sets of bulletproof vest ballistic plates.
"The better armed the soldiers," wrote Fedorov, "the sooner the Ukrainians will achieve victory."
Almost soon after Russia invaded in late February, Ukraine began collecting cryptocurrency donations. From individuals, crypto donations, NFT sales, and DAOs, tens of millions of dollars immediately poured in.
It is unclear exactly how much cryptocurrency contributed to the war effort. Elliptic stopped counting at $63.8 million; instead, the blockchain analytics company placed a link to Ukraine’s official website; nevertheless, according to a recent Financial Times investigation, the amount is more than $100 million.
Treasury Secretary Janet Yellen stated earlier this month that “we haven’t seen major evasion through crypto so far” despite fears that Russia may similarly generate cash and/or avoid sanctions through cryptocurrencies.
A few days later, maybe out of caution, the European Union banned “offering high-value crypto-asset services to Russia.”
