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February 28,2022

Andrew Campbell 

On February 26, the Ukrainian government announced new ways to support its anti-Russian campaign, including the ability to donate cryptocurrencies like Bitcoin, Ethereum, and Tether. Ukraine's official Twitter account has announced that it now accepts Bitcoin, Ether, and Tether. According to blockchain analytics firm Elliptic, total crypto donations to the Ukrainian government and military-supporting NGOs now stand at $16.7 million.

Ukraine is well-known for its technological talent, and its IT export business is expected to be worth $6.8 billion in 2021. It also formally legitimized Bitcoin and other cryptocurrencies in 2021 in a law regulating digital financial assets and providing fraud protection for Ukrainians. Only Vietnam, India, and Pakistan ranked higher on Chainalysis' Global Crypto Adoption Index, and the country sees over US$8 billion in bitcoin transactions each year.

Elliptic reports that over $9.9 million in bitcoin has been donated to Ukrainian organizations since Russia attacked the country on February 24. Decentralized autonomous organizations (DAOs) have sprung up to assist Ukrainians. Non-fungible tokens (NFTs) were sold to raise funds for Ukraine's people and troops. NFTs are unique digital assets that represent ownership of virtual items such as artwork or video game characters.