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Ukraine and the Role of Crypto


As the conflict between Russia and Ukraine continues, people worldwide have donated millions in crypto to the Ukrainian government and non-governmental organizations supporting the Ukrainian population. With most donations made in Ethereum and Bitcoin, the Ukrainian government has spent significant amounts on purchasing military gear as well as humanitarian efforts. As of early March, more than $70 million has been sent to Ukraine through donation efforts, according to officialgovernment channels

Alex Bornyakov, the Deputy Minister of Digital Transformation of Ukraine, announced onTwitterthat the country has made donations even easier after setting up a donation website (Aid for Ukraine). The site accepts several cryptocurrencies, including Bitcoin, Ethereum, Tether, Polkadot, Solana, and Dogecoin, among others. 

Bornyakov has previously championed the role of cryptocurrency, saying, “Today, crypto is playing a significant role in Ukraine’s defense. Huge thanks to the crypto community for this unprecedented support of Ukraine and its defense of the principles of democracy and freedom in the face of the war waged by the Russian Federation.”

In 2021, Ukraine was among the top 5 countries in the world for crypto adoption, according toChainalysis’ Global Crypto Adoption Index. Bornyakov cites multiple reasons for the popularity of digital currencies in the country, particularly a thriving blockchain development community, a tech-savvy population, and a lack of a stock market in the country. On March 15th, the President of Ukraine, Volodymyr Zelensky, signed the Law of Ukraine “On Virtual Assets” into law, creating the opportunity for the nation’s National Securities and Stock Market Commission to develop a legal market for digital assets. The Commission will be tasked with: 

  • forming and implementing state policy in the field of virtual assets;

  • determining the order of turnover of virtual assets;

  • issuing permits to virtual asset service providers;

  • and regulating, supervising, and financially monitoring the [virtual asset industry].

The amount of crypto exchanging hands during the conflict will aid Ukrainians in their war effort and accelerate the adoption of digital assets across the globe as the world uses crypto coins to send money safely and securely to those in need. Still, some financial and political analysts point to the ease with which cryptocurrency can be used to bypass traditional sanctions like those currently leveraged against Russia as a reason to be wary of what can be untraceable digital currencies. This is because cryptocurrencies such as Bitcoin and Ethereum are not controlled by a central bank, single entity, or country. Users can buy and send crypto using a randomly generated digital wallet address and remain unknown until they link personally identifiable information to a transaction or their identity is revealed through other circumstances. However, digital wallet addresses and the associated blockchain transactions are public and permanent, so anyone who knows the wallet address can see a history of the trades that have been made.    

President Joe Biden recently signed a long-awaited Executive Order directing multiple federal entities to explore how the U.S. can leverage digital assets and protect consumers in the growing cryptocurrency industry. U.S. Cabinet secretaries will deliver an interagency report to Biden no later than 180 days after the signing outlining the conditions that would support the general use of digital assets; the influence of technological innovations on digital currency; and the implication on the U.S. monetary system. 

Right now, you can stop by any of our bitcoin machines to buy your own digital currency just like you would at a cash ATM. With over7000+ locationsacross the U.S. and Canada, it’s easy to find a Bitcoin Depot ATM to use wherever you are. If you’re new to crypto, check out ouruser guide and videosto learn more. You can also download our mobile app on the App Store or Google Play to send, receive, and store crypto through your mobile device.

Make sure to follow us on Twitter@Bitcoin_Depotor Instagram@bitcoindepotfor the latest news and updates about the crypto industry. 

April 14, 2022