Ukraine Deputy Minister Praised The Efficiency Crypto Offers

Time Stamp: March 9, 2022 1:05 PM
Source Node: 1208264

The Ukraine deputy minister Alex Bornyakov praised the efficiency that cryptocurrencies offer, given the donations made across the world were made in crypto so let’s read more today in our latest cryptocurrency news.

The Ukraine Deputy Minister noted that the blockchain clearing and settlements are conducted in real-time whcih enables the country to deliver fast responses. Bornyakov detailed that by leveraging the crypto instant payment settlements, the country was able to purchase its military rations, vests, and other forms of protection needed for day to day operations:

“I can’t tell, because it’s an ongoing war, exactly what we bought. So far, we purchased 400,000 military grade rations for our army, because they really need this food. We bought thousands of bulletproof vests, and other kinds of protection which helped our military in day-to-day operations.”

The settlements via traditional banking systems usually require up to three days and pointing this out, Bornyakov said that the government needed a new tool that will help people and the military much faster which is why they started accepting crypto donations:

“Crypto was one of the ways we fight back, and specifically, why we leverage this is because we understood that our response has to be very quick.”

deputy minister
Alex Bornyakov

Bornyakov said that about 40% of the country’s military suppliers were willing to accept crypto payments with the rest being paid with crypto converted into USD and EUR. At the time, he stated that $15M of crypto donations was spent on military equipment and supplies. According to the data from Slowmist that tracks crypto donations made to the Ukrainian governemnt and other organizations helping the military as the country raised $69 million worth of crypto donations since the war emerged.

About $43.2 million in crypto donations were sent to addresses of the Ukrainian government and the NGO Come Back Alive helps the country’s military and was the second biggest receiver of crypto donations which raised $16 million worth of digital assets. Some of the most prominent personas in the crypto space which supported Ukraine’s donations were Polkadot founder, Buterin, Binance, and more. In the meantime, the reports from CoinMetrics reveal that despite bigger donations, the average contributions have been low. The average donations made in BTC were up to $600. The country started receiving thousands of smaller donations after the confirmed airdrop which was later delayed. Researchers at Elliptic said:

“The majority of donations received to date have been in Bitcoin and Ether, although US dollar stablecoins contribute a significant proportion.”

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