Cryptocurrencies Are Important For Ukraine’s Navy Operations, Excessive-Rating Official Says

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On July 26, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, reasserted his assist for cryptocurrencies on his Twitter account, saying they had been “important” for the nation’s struggle towards Russia.

Bornyakov’s tweeted in response to nationwide media outlet The Kyiv Impartial, which famous that regardless of the cryptocurrency crash, Ukraine continued to obtain crypto donations for the nation’s navy and humanitarian help.

As Cryptopotato beforehand reported, the nation began accepting crypto donations in early 2022.

This was a revolutionary transfer by way of geopolitics, however probably not a stunning for many who observe the crypto ecosystem and know that the nation is on the highest listing by way of crypto adoption.

Ukraine Acquired Over $100 Million From Completely different Crypto Initiatives

As of at the moment, simply the Ministry of Digital Transformation of Ukraine has raised over $60 million in donations by way of BTC, ETH, USDT, DOT, SOL, and USDC on the Assist for Ukraine web site.

Moreover, the Ukrainian authorities has used non-fungible tokens (NFT) to lift much more cash for its navy operations, creating the “Meta Historical past: Museum of Battle,” a digital museum the place artists showcase the most recent occasions of the Russia-Ukraine struggle. These moments are immortalized in NFTs that may be mined by the very best bidder.

So not like its rival Russia which not too long ago banned using cryptocurrencies for funds and money operations, Ukraine has legalized using cryptocurrencies ratifying its pro-crypto stance and counting over $100 Million in crypto donations by March of 2022.

Each “Crypto Winter” Leads To a “Crypto Spring.”

Bornyakov is an optimist. He mentioned that regardless of the “bear market” and the “crypto winter,” crypto donations have “actually the lives of troopers.” He additionally mentioned that “each “crypto winter” results in a “crypto spring.” Nevertheless, he shunned sharing any predictions or elaborating on his phrases.

He additionally shared a couple of phrases for the rising Web3 business:

The cryptocurrency market has misplaced greater than two-thirds of its market capitalization. In late 2021 it hit an all-time excessive of round $3 trillion. If Bornyakov is appropriate and the brand new crypto spring recovers the losses, the entire business must register a 3X development earlier than analysts begin speaking a couple of  new all-time excessive.

Total Crypto Market Cap. Image: Tradingview

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