Crypto industry is here to stay, says Ukrainian minister

Amid the sluggish mood in the cryptocurrency market, a Ukrainian minister said on Tuesday that the digital assets had played an important role in defending the country against invasion by Russia and saving the lives of the country’s soldiers, and that cryptocurrencies would remain unscathed in the long run run.

Ukraine raised over $125 million through crypto donations

Ukraine has reportedly raised over $125 million in cryptocurrency donations spent on military and humanitarian aid since an armed invasion by Russia. Also, approximately $1.25 million was raised through the sale of NFTs.

“Despite the ‘bear market’, crypto has become an essential tool of Ukraine’s defense, offering flexibility and speed that have literally saved the lives of our soldiers. Every crypto winter leads to a crypto spring, but the industry is here to stay,” said Alex Bornyakov, Deputy Minister of Digital Transformation of Ukraine.

Since Russia invaded Ukraine on February 24, a wave of support has poured in from various avenues and figures around the world.

Ukraine asks for global help

Aside from providing humanitarian aid from various organizations, Ukrainian officials have appealed to the global crypto community to support their fight by donating crypto assets, while artists have resorted to releasing NFTs themed around Ukraine and donating the proceeds to the cause to channel.

After a mass sell-off of cryptos from an all-time high in November last year, crypto donations to Ukraine have waned over the past two years, prompting Bornyakov to appeal for fresh help last month.

“Although Ukraine raised over $135 million in crypto in response to the Russian invasion, the initial wave of crypto donations has died down. We still need your help. Please support our defenders via @_AidForUkraine,” the minister tweeted last month.

Much of those funds have already been used to provide essential staples like food for the civilian population and protective gear for the country’s soldiers, with President Volodymyr Zelenskyy reiterating his belief that digital assets can bring countries like Ukraine an economic breakthrough in the face of Russia’s threats to be banking system.

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