Refugee takes $2,000 BTC to Poland from Ukraine

A Ukrainian refugee by the name of Fadey has described how $2,000 worth of Bitcoin (BTC) that he took to Poland on a USB drive helped him to escape war torn Ukraine.

Fadey told CNBC that the funds represented nearly half of his life savings. He said: “I couldn’t withdraw cash at all, because queues to ATMs were so long, and I couldn’t wait that much time, I could just write my seed phrase on a piece of paper and take it with me.”

He stressed the importance of crypto to his financial welfare, and the importance of being able to transfer his traditional funds into the Polish national currency (Zloty).

He made a peer-to-peer exchange with a friend whereby he traded $600 worth of his BTC savings for Zloty to pay for food alongside transport into Poland.

Alex Bornyakov, deputy minister of the Ministry of Digital Transformation spoke about the war and how crypto donations have helped the struggling country in its time of need.

“Crypto-assets proved extremely helpful in facilitation of funding flows to the Armed Forces of Ukraine. Huge thanks to everyone who donated to the Crypto Fund of Ukraine. Each and every helmet and vest bought via crypto donations are currently saving soldiers’ lives”, he said.

Fadey’s story indicates the use of crypto is not only crucial for world development but crucial for when parts of it are in a geopolitical crisis.

Since it was announced that Russia invaded Ukraine, more than $15m and $24m in BTC and Ethereum respectively has been donated.

Just one week after the war started, the Ukrainian government received an overwhelming amount of support, bringing the overall price of crypto donations to $50m.

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Source

Updated: 03/29/2022 — 12:00