Crypto donations to Ukraine top $100m

Crypto donations supporting the relief efforts for Ukraine have topped $100m.

Donations have been flowing into the country since February 24, when Russia launched an attack on its sovereign neighbor.

Now, according to Tradingplatforms.com, the total amount of donations from direct cryptocurrency contributions has broken the $100m threshold.

This number does not account for NFT sales that have been launched in support of the country’s humanitarian and military efforts.

The government officially began accepting crypto donations on February 26, responding quickly to the global community’s wishes to donate and offer some relief to the plight of Ukrainians.

This form of support prompted Ukrainian president Volodymyr Zelensky to sign a bill into law making crypto legal, essentially enabling the country to leverage the power of crypto payments under the extraordinary conditions of a full-scale war launched by Russia.

The fast adoption of cryptocurrencies has been notable in jurisdictions across the world. Ukraine is perhaps the second quickest nation to pass encompassing laws on crypto other than El Salvador.

Mainstream financial institutions still doubt that cryptocurrencies can be introduced in a hurry, fearing serious repercussions for consumers.

In the case of Ukraine, crypto has served to offer much-needed financial aid, although the government has called on the European Union and private companies to start blocking Russians who use crypto for fear of the country’s elite dodging sanctions.

However, many, including Binance boss Changpeng Zhao, have argued that the best way to dodge financial sanctions to date remained FIAT currencies.

If you want to use crypto in the meantime, we recommend turning to Bitcasino, 1xBit or FortuneJack.

If you wish to help donate to the relief efforts in Ukraine, you may also do that by donating to any of the official addresses listed by Ukraine in the official tweet.

Source

Updated: 04/13/2022 — 12:00