The entire government of Ukraine has been on high alert ever since the acts of invading the place by Russia started taking place. Not just that but the Ukrainian government has also reached out to different members of the cryptocurrency community for help.
According to current crypto news, the community of cryptocurrency has been sought out by the government of Ukraine for providing certain funds to the country. The main goal for such a request is to ensure the wellbeing of the military troops as well as the civilians. The crypto community is meant to provide assistance to raise funds for the people in Ukraine.
The Ukrainian government took to the platform of Twitter in order to request the community to raise some funds as a kind of support of the civilian members as well as the troops.
Within the very 1st week of the ongoing war between Ukraine and Russia, the government has gone through huge losses. Hence, the government has made the decision to seek some funding from the cryptocurrency community in order to support the people.
While there were many donations made by people all across the globe, most cryptocurrency donations were not claimed since the rules in Ukraine are a bit different. However, the country has recently started to accept Ethereum, Bitcoin, as well as Tether as donations.
Government of Ukraine Accepts Crypto Donations: Current Crypto News
The situation between Russia and Ukraine has been quite tense for some time. The plans of Russia to invade Ukraine have been greatly condemned by different nations. Also, there are some nations that are actually trying to extend a helping hand to Ukraine as well. Amidst all these threats and issues, the crypto community has rallied forward in order to provide funding to Ukraine for its development.
Amid military threats through the country of Ukraine, the government of Ukraine sought help from numerous international organizations. However, considering time is of the essence, the official Twitter account of Ukraine extended its call for help to Crypto Twitter.
Additionally, the Vice Prime Minister of Ukraine Mykhailo Fedorov also shared three crypto wallet addresses urging the crypto community to donate and help Ukraine fight against the Russian troops. While the BTC and ETH addresses remain the same, Fedorov’s USDT wallet address is TRC20-based (different from the address shared by Ukraine’s official Twitter handle).
Prominent crypto entrepreneurs including Ethereum co-founder Vitalik Buterin initially suspected that the accounts requesting crypto donations were hacked. However, American diplomat Tomicah Tillemann later confirmed its legitimacy from Ukrainian Ambassador Olexander Scherba.
Ukrainian civilian-turned refugees have reported the loss of access to their fiat savings and credit cards. The United Nations (UN) reported that over 150,000 people have been displaced from Ukraine as of the 26th of February. While confusion prevailed about the intended use of the crypto donations, Buterin shared another decentralized autonomous organization (DAO) initiative that focuses solely on Ukrainian citizens.
Also Read: Major Reactions from Crypto Community Regarding Russia’s Invasion of Ukraine
UkraineDAO, led by Pussy Riot’s Nadya Tolokonnikova, launched with the release of a 1/1 nonfungible token (NFT) of the Ukrainian flag to raise funds for Ukrainian civilian organizations to help those suffering from the war initiated by Putin. On the 24th of February, Cointelegraph reported that Ukraine’s Ministry of Defence received numerous requests from foreigners for crypto donations.
Although unconfirmed, it is now believed that proceedings to the addresses shared by the Ukrainian government will be used directly by the government while the DAO proceedings will be redirected towards the citizen welfare via an NGO.
Since February 24th, prominent crypto entrepreneurs took proactive efforts to aid Ukrainians. FTX CEO Sam Bankman-Fried was one of the first to offer monetary support to FTX traders from Ukraine. As Cointelegraph previously reported in current crypto news, the Ministry of Defense was asked by the crypto community to set up provisions to accept crypto donations — which was previously unavailable.
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