Ukraine Uses Cryptocurrency Donations To Purchase 5,550 Bulletproof Jackets, 500 Helmets, And Other Items

As millions of dollars in cryptocurrency have flowed into Ukraine, the country has turned such donations into thousands of bulletproof vests, packed lunches, medicine items and other supplies for the armed forces.

Alex Bornyakov, Ukraine’s deputy minister of digital transformation, provided a list of products purchased since March 1 with monies raised via crypto donations on Friday. There are 5,550 protective jackets, 410,000 packed lunches, and 500 helmets included in the shipment.

Bornyakov, who has led the country’s attempts to safeguard cryptocurrency, said, “Crypto assets proved incredibly useful in facilitation of financing flows to the Amed (sic) Forces of Ukraine.”

Since Ukraine’s initial fundraising call, up to $100 million in cryptocurrencies has been contributed. In addition to various forms of digital currency, the government has received non-fungible tokens (NFTs), such as CryptoPunk #5364, which traded for tens of thousands of dollars last year.

Bornyakov told that at least $15 million of the gifts had been spent by last Friday. The minister also told CoinDesk that certain military vendors were accepting cryptocurrency payments directly.

The same can’t be stated for any other weapon.

“Obviously, we can’t buy nuclear bombs or rockets” Michael Chobanian, the CEO of Ukrainian exchange Kuna.io, which has assisted the government in managing cryptocurrency donations, told the Washington Post.

The way Ukraine used cryptocurrency in the early days of the conflict has gotten a lot of attention

Government authorities requested cryptocurrency donations and posted addresses on social media after Russian forces entered Ukrainian territory. In addition, amid a slew of economic restrictions placed on Russia by several countries, Ukrainian politicians have attempted to persuade cryptocurrency exchanges to block Russian accounts.

Legislators and regulatory organizations in the United States have expressed worry that crypto could be used to avoid sanctions, however there have been no definitive signs of this to date.

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