'What Crypto and Rap Have to Do with the War in Ukraine' by easytiger1981 decentralizedinternet quicknode
, cryptocurrency became one of the most significant and effective channels of funding the country’s humanitarian and military needs. Because Ukraine’s foreign exchange market was almost paralyzed during the first month of the unprovoked invasion, purchasing and delivering military equipment, clothes, food, and other essentials fast to Ukrainian cities became a huge challenge.
The need for crypto legalization came as an immediate response to many individuals and businesses from within and outside Ukraine willing to contribute to the nation’s victory. As long queues built up outside cashpoints and supermarkets in Kyiv, Ukraine’s Digital Transformation Ministry knew they had to move fast. On the second day of the invasion, DT Minister Mykhailo Fedorov instructed his deputy Alex Bornyakov to set up official government wallets that could accept payments in cryptocurrency.
“Our banks were limited, there were restrictions on our use of fiat currencies, and we were rapidly running out of supplies,” Bornyakov said to the. “Even if you manage to pay in fiat, a wire transfer takes a few days to reach the recipient. In the crypto world, it takes minutes.” To facilitate and simplify the collection of crypto donations and speed up the purchasing and delivery processes in wartime, Ukraine’s President Volodymyr Zelensky
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