Cryptocurrency Donations from Around the World to Ukraine... 82.1 Billion Won Raised

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Since the Russian invasion, approximately $67 million (about 82.1 billion KRW) in donations have been received worldwide in cryptocurrency to help Ukraine.

On the 26th (local time), according to major foreign media, Alex Bornyakov, Ukraine's Deputy Minister for Digital Transformation, stated that a total of $67 million in cryptocurrency donations had been received on the national donation website as of that day.

He said that out of the cryptocurrency donations received until last week, a total of $34 million (about 41.7 billion KRW) had been used, with 80% exchanged into regular currency and spent, while the remainder was used through sellers who could directly transact in cryptocurrency.

The Ukrainian government announced on Twitter on the 26th of last month an online address where Bitcoin, Ethereum, and other cryptocurrencies could be donated, appealing for cryptocurrency donations with a goal of $200 million.

The cryptocurrency donated to the Ukrainian government is reportedly exchanged through Ukraine's cryptocurrency exchange 'Kuna.' Receiving donations in cryptocurrency is simpler and faster than traditional methods, allowing money to be sent and received freely across borders.

Bennett Tomlin, who investigates cryptocurrency-related crimes, said, "It is the first time to see a sovereign nation receive funds for defense through cryptocurrency," adding, "It proves many debates about cryptocurrency."

This content was produced with the assistance of AI translation services.