Ukraine's Defense Ministry Decides Where Crypto Funds Are Spent

The government's crypto fund has received donations worth $16.8 million.

AccessTimeIconMar 1, 2022 at 1:08 p.m. UTC
Updated May 11, 2023 at 3:56 p.m. UTC
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Ukraine's Defense Ministry is deciding on the allocation of donated crypto funds, said Michael Chobanian, the founder of Ukrainian exchange Kuna who is leading the crypto effort for the country.

Chobanian spoke to CoinDesk shortly after tweeting details of how Ukraine's crypto fund had received cryptocurrency worth $16.8 million in support from donors worldwide.

"14 million USD of the 16.8 million USD has already been spent," said Chobanian.

The spending was revealed on the same day a Russian rocket attack killed 70 Ukrainian soldiers, and satellite images showed a 40 mile (64 km) Russian military convoy only 17 miles away from and still approaching Ukraine's capital, Kyiv. Ukraine's President Volodymyr Zelenskyy received a standing ovation after a video address to the European Parliament.

The Ukraine government has not revealed where the funds are getting spent "due to a level of secrecy involved" but insisted that it is transparent thanks to blockchain technology.

Ukraine's Defense Minister Oleksii Reznikov is aware of how the funds are being allocated because he is the one giving the orders, according to a person familiar with the process. Details will have to be revealed by the government, the person said.

CoinDesk earlier reported how the Ukrainian government is purchasing critical supplies, including gas, food and military equipment, using cryptocurrency donations.

CORRECTION (March 1, 18:14 UTC): Corrected spelling of Michael Chobanian's name.


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Amitoj Singh

Amitoj Singh is a CoinDesk reporter.

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