The donations for the war affected people of Ukraine have found a new way to reach them. The donations in the form of Bitcoin, Ethereum and Tether aided in donating millions of euros to the war-torn Ukraine.
The crypto donations have gained unexpected popularity due to their inbuilt blockchain technology. This technology helps in quick transfer of micro payments from one account to another.
Moreover, all this comes at a very negligible cost and is independent of the distance, time and amount being transacted. Bitcoin and Ethereum like currencies are not affected by geographical locations.
One added advantage of crypto donations is that the anonymity of the sender is maintained as these currencies are decentralized in nature. It means no bank account or intermediaries are required to send and receive money. Moreover, crypto donations have given access to even a common man to show their generosity for the cause.
This amazing technology is stated to be turning out into lifesaving technology for the people of Ukraine.
People from all over the world have supported the people of Ukraine with 1667 Bitcoins equivalent to 69,577,776 USD through Binance Exchange only.
The ‘Cypto Fund for Ukraine’ has raised more than $100 million worth of crypto so far. And this makes up for 60 percent of the total funds received. Ukraine needs the funds for supporting its residents as well as the military.
During these tough times of war, the role that cryptocurrency has played for the people of Ukraine can lead to a very significant development for the future of the Crypto World.
Ukraine entered into a war with Russia on February 2022. It is an old war which began somewhere in February 2014. It was for the acquisition of Crimea and some parts of the Donbas. Both these parts are globally known as part of Ukraine.
Ukraine wanted to come up with its own crypto currency amidst war but the plan was finally not materialized. But over the time not only Ukraine but also other nations may try to present cryptocurrency as a core currency.
For now, the Ukrainian president Volodymyr Zelensky has signed a law on 16 March 2022. The law is for the laying the foundations of a legal framework to regularize the workings of cryptocurrencies in Ukraine.
