The Deputy Minister of Digital Transformation in Ukraine claimed that the county has become largely dependent on cryptocurrencies. Speaking to his followers on Twitter, Alex Bornyakov claimed that Bitcoin and other digital assets are used as an asset class that has taken the center stage when it comes to the defense strategy.
It is worth noting that in the current year, the Russian government waged a war on Ukraine citing the issues with the unprecedented expansion of the EU territory. As a response, the western block and economic alliances like G7 have imposed the strictest economic restrictions on Russia to discourage the country from waging a war on Ukraine.
The Digital Transformation Deputy Minister recently claimed that while the cryptocurrency market is in a slump currently, there is still hope that it will eventually recover. It is worth noting that Ukraine has suffered massive losses and it has opted to evacuate several of its civilians out of the country. Furthermore, there are issues like the reduction of the GDP due to the destruction of crops and the lack of labor.
Ukraine Uses Crypto Donations to Enhance Defense Systems
The country is also spending heavily on its military and troops to keep the Russian invaders in check. However, the country has received a considerable amount of financial aid from the western bloc governments. Furthermore, a lot of donation accounts have been set up for Ukraine that allows people to make their donations in the form of cryptocurrencies.
Bornyakov recently shared his stance on digital assets claiming that by providing financial backing and support, cryptocurrencies are saving the lives of the Ukrainian troops and people. He further exclaimed that the crypto winter will eventually turn into a crypto spring. He has also dismissed the idea that the cryptocurrency bubble will burst and it will take down everything with it.
Speaking on the merits of cryptocurrencies, Bornyakov claimed that Bitcoin payments take only 10 minutes to close. He claimed that with the $100 million cryptocurrency funds, the citizens and troops were able to get access to the necessities like food, water, shelter, and fuel, and also pay for military gear. Ukrainian beer brand Obolon is trying to auction an NFT to raise money for free water distribution in Ukraine.