Since the start of the Russian invasion, the Ukrainian government has looked to digital assets as a means of support. Digital assets have proven to be an ideal option for a government needing aid for its war effort and civilian population.
Ukraine’s government has launched a website allowing people to donate NFTs and buy donated pieces, in a bid to raise funds to further support its war efforts. The new site lists several NFT collections.
According to the Vice Prime Minister and Minister of Digital Transformation of Ukraine, Mykhailo Fedorov, the funds “will contribute to the Ukrainian victory”. The website also features a number of NFT collections the government supports.
The Ukrainian government launched its own NFT collection at the end of March to raise funds, and recently announced the launch of a second one, planned for May 1.
The Ukrainian government accepts donations in nine cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), and Dogecoin (DOGE).
Last month, Ukrainian president Volodymyr Zelensky signed a law legalising cryptoassets in the country as these play a “vital role in Ukraine’s defence process”, according to Deputy Minister of Digital Transformation Alex Bornyakov.
To keep Ukraine’s government running and equip its military, Kyiv requires cash — and lots of it. It has estimated that the war could cost the country $565 billion.
“How Ukraine has really leaned into crypto as a way to garner support financially … it shows the value of governments leaning into crypto and NFT technology, as opposed to rebelling against it simply because it’s new and scary,” said Jacobs of Scenius Capital to CNN.