Raised $16.7 Million..Ukraine Turns to Cryptocurrency and NFT Tokens to Counter Russian Invasion

The Ukrainian government appears to be seeking to tip the scales against the Russian invasion in very different ways, with reports revealing that the Ukrainian government has already raised more than $10 million in cryptocurrency donations.

Blockchain analytics firm Elliptic said total crypto donations to the Ukrainian government and NGOs supporting the military are now around $16.7 million.

According to the American network CNBC, there is a remarkable development that reveals how Ukraine is turning to cryptocurrencies for assistance during the Russian military offensive in the country.

The campaign by the Ukrainian authorities aims to use an unorthodox method to help Ukraine get through a brutal invasion from Russia, and the government has received about $1.86 million from the total funds it raised from the NFT crypto tokens.

On Saturday, the official Ukrainian government account on Twitter published the addresses of two cryptocurrency wallets, one that accepts only bitcoin and the other that takes ether and peg, a code that tracks the value of the US dollar.

The development shows how Ukraine is turning to cryptocurrencies for help during the Russian military offensive in the country, which began last Thursday.

Come Back Alive, a non-governmental organization that provides equipment to the Ukrainian military, has raised millions of dollars in cryptocurrency since the start of the Russian invasion.

Ukraine’s military initially objected that it could not accept cryptocurrency on bitcoin in a statement saying that “national legislation does not allow the Ukrainian Ministry of Defense to use cryptocurrency payment systems or by non-traditional means until the government is working to create a solution to such a law.”

On Sunday, Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, also called on major cryptocurrency exchanges to block payments to Russian users.