Ukraine’s Crypto Donations Reach the $100 Million Mark

Despite raising over $100 million, how useful are these donations?

Since the first attack on 24th February, Ukraine has been receiving digital token funds from all across the world. 

Reports by outline that crypto donations have reached over $100 million, excluding NFT sales. 

Ukraine’s Crypto Donations Reach the $100 Million Mark / Image: File

The money raised on crypto platforms will go towards Ukraine’s military and humanitarian efforts.

In a Twitter statement released three days after the first attack, the Ukraine government announced they would be accepting cryptocurrency donations.

Ukraine has since passed the Virtual Assets Law which provides legal framework around crypto operations in the country.

Ukraine’s President Volodymyr Zelenskyy signed the law to emphasise the important role that cryptocurrencies have taken during the ongoing war with Russia.

The move by Ukraine is a major push for the crypto global scene and has other countries reassess their stance on regulating digital assets.

Global opinions are varied, for example, El Salvador has made bitcoin a legal currency, while China has looked to wipe out crypto trading and mining.

This month U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine cryptocurrency’s risks and benefits.

However, crypto uncertainty such as the market’s recent crash poses potential threats to the situation in Ukraine.

Crypto scams projects are also rampant with data outlining that a number of the crypto-donations were a fraud.

Amanda Gunn contributed to this report

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