Ukraine Has Received Close to $100M in Crypto Donations

Ukraine's president "shares our vision" that the use of crypto could be an "economic breakthrough," according to the country's deputy minister at the Ministry of Digital Transformation.

AccessTimeIconMar 9, 2022 at 6:55 p.m. UTC
Updated Mar 9, 2022 at 9:57 p.m. UTC

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

Ukraine has received a total of "close to $100 million" in crypto donations, according to Alex Bornyakov, Ukraine’s deputy minister at the Ministry of Digital Transformation and the de facto crypto spokesperson of the government.

  • Speaking in an emergency online briefing entitled "Digital Resistance: How Ukraine Is Leveraging Technology to Fight for Freedom," Bornyakov said that more than $60 million of the $100 million was received in the main fund run by Kuna, the Ukrainian crypto exchange.
  • The rest of the money has been sent to several other smaller funds, Bornyakov indicated.
  • Asked by CoinDesk if Ukrainian President Volodymyr Zelensky had a view on the role of crypto in the war, Bornyakov said that while Zelensky has not said anything to him about the crypto fund specifically, "he shares our vision" that the use of crypto could be a "breakthrough from an economic standpoint" and that "we have the total support of the president at this point."
  • Bornyakov said he did not know if anyone in the American government had spoken to anyone in the Ukrainian government about the role of crypto in the war.
  • In an interview on CoinDesk TV's "First Mover/" on Tuesday, Bornyakov repeated his request that crypto businesses cut services to Russian users as part of an unprecedented effort to cut Russia off from the global financial system.
  • The funds sent to Kuna are reportedly being spent on non-lethal equipment, including fuel, food and bulletproof vests for soldiers, Kuna's founder Michael Chobanian told CoinDesk in an interview last week.

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Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

CoinDesk - Unknown

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.