Ukraine’s Ministry of Digital Transformation announced on Monday the “Aid For Ukraine” initiative, which aims to generate $200 million in Bitcoin and cryptocurrency donations for the Ukrainian government.
The cryptocurrency community has already contributed approximately $51 million to aid Ukraine in its struggle against the Russian invasion.
The Ukrainian government developed a website, powered by crypto staking platform Everstake, in collaboration with crypto exchanges FTX and Kuna, to simplify donations.
Crypto Assistance to Ukraine
The “Aid For Ukraine” campaign attempts to gather donations for humanitarian aid programs for those affected by the conflict in Ukraine. Also, to assist the Ukrainian Armed Forces with aligning military equipment and supplies in their fight against the Russian army.
The government is accepting crypto and fiat donations to the National Bank of Ukraine’s fundraising account. Donations are converted into money and sent to the National Bank of Ukraine using cryptocurrency exchanges. The following is taken from the website:
“This marks the first-ever example of a cryptocurrency exchange directly cooperating with a public financial entity to provide a conduit for crypto donations.”
BTC, ETH, USDT, DOT, SOL, DOGE, XMR, ICX, and NEO are among the cryptocurrencies that can be donated. The first million raised in SOL has already been sent to the Ukrainian government’s military needs.
The government accepts fiat donations in the following currencies: US dollars, Euros, British pounds, Australian dollars, and Canadian dollars.
Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation responded to the “Aid For Ukraine” by saying:
“Every helmet, bulletproof vest and night vision device save the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. Thanks so much for everyone from the crypto community for supporting Ukraine!”
Ukraine’s Other Aid
Since the beginning of the war, Ukraine has received crypto and fiat donations. Mykhailo Fedorov, Ukraine’s Vice-Prime Minister, tweeted the wallet addresses, requesting donations in BTC, ETH, and USDT. He also asks that Russian accounts be blocked on cryptocurrency exchanges.
On March 4, Ukraine’s Deputy Minister of Digital Transformation, Alex Bornyakov, announced that the country has received approximately $50 million in cryptocurrency donations in response to the Russian invasion. The remaining funds were allocated for humanitarian and general relief, with 69 percent going to army support.
Other organizations, including as the United Nations, have also raised money for Ukraine’s humanitarian relief.
On Tuesday, US President Joe Biden signed the ‘Consolidated Appropriations Act, 2022,’ a $1.5 trillion bill from which $13.6 billion will be given to Ukraine to help fight the Russian invasion.
