Ukraine has raised more than $54 million as bitcoin donations


Ukraine asked for donations in crypto. Then things got weird.

Ukrainian President Volodymyr Zelenskyy has signed into law a bill that effectively legalizes the cryptocurrency sector in the country. The decision comes as Ukraine has received cryptocurrency donations worth tens of millions of dollars from individuals and groups hoping to help the country’s war effort against Russia.

The bill signed by Zelenskyy was approved by Ukraine’s parliament last month and “creates conditions for the launch of a legal market for virtual assets in Ukraine.” It allows Ukrainian banks to open accounts for crypto firms; appoints the National Bank of Ukraine and the National Commission on Securities and Stock Market as financial watchdogs for the sector; and, as reported by CoinTelegraph, means crypto exchanges and companies that handle other virtual assets will have to register with the government. The state says it will protect citizens’ cryptocurrency holdings with the same legal force as its fiat currency, the hryvnia.

Ukraine legalizes cryptocurrency after receiving millions in crypto  donations - Republic Of Buzz

Since Moscow invaded on Feb. 24, over 102,000 cryptoasset donations, totaling $54.7m, have gone to the Ukrainian government and Come Back Alive, an NGO providing support to the military, according to new data from blockchain analytics firm Elliptic. Donations have also come in the form of nonfungible tokens and stablecoins like tether.

“Cryptocurrency is particularly suited to international fundraising because it doesn’t respect national boundaries and it’s censorship-resistant — there is no central authority that can block transactions, for example in response to sanctions,” said Elliptic’s chief scientist, Tom Robinson.

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