Ukraine Government Breaks Down How it Spent $54M in Crypto

The besieged Ukrainian government is spending $ 54 million in cryptocurrency donations for military and medical supplies, according to a senior minister.

“With $ 54 million raised by @_AidForUkraine, we have provided our defenders with military equipment, armor, medicines and even vehicles,” Deputy Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine Mykhailo Fedorov She said on Twitter. “Thanks to the crypto community for their support since the beginning of the full-scale invasion!”

Ukraine shows a breakdown of spending

Ukraine spent the highest amount, $ 11.8 million, on unmanned aerial vehicles (UAVs), according to a breakdown of spending.

Armored vests came in second at $ 6.9 million. Subsequently, $ 5.7 million, $ 5.2 million and $ 5 million were spent on computer hardware and software, the government’s anti-war media campaign, and weapons required by the Ministry of Defense, respectively.

While the breakdown included purchased quantities for most items, the last three were not disclosed for safety reasons.

The donations were facilitated by Aid For Ukraine, an initiative launched by Everstake, Ukraine’s Ministry of Digital Transformation and FTX.

The US cryptocurrency exchange supported the venture by converting cryptocurrency donations into fiat and sending the donations to the Ukrainian National Bank.

In March, President of Ukraine Volodymyr Zelenskyy signed a virtual assets bill to legalize cryptocurrencies in a country that has received millions of cryptocurrency donations for military and humanitarian aid in its war against Russia.

The government had already managed to sell the non-fungible tokens that had been donated to the war effort.

Japan closes Russian cryptocurrency mine

Meanwhile, the consequences of the invasion of Ukraine continue to increase for Russia, with sanctions further undermining its global economic integration. For example, Japan’s largest online broker, SBI Holdings, announced it would shut down its crypto-mining operations in Russia for fear of reprisals for circumventing sanctions.

CFO Hideyuki Katsuchi announced plans to liquidate cryptocurrency mining equipment earlier this week.

Following China’s ban on cryptocurrency mining last year, most miners flocked to Russia, after the United States, to harness cheap energy from natural gas and hydroelectric dams.

However, after sanctions against Russian companies were first introduced following the invasion earlier this year, the U.S. Treasury Department targeted the cryptocurrency mining company based in Switzerland BitRiver for its operations in Russia.

Shortly thereafter, Compass Mining preemptively got rid of $ 30 million of hardware operating in Siberia.

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