Cryptocurrency has been long heralded as the “future of finance.” But there’s more to crypto’s place as the future of finance than just making money; the Ukraine crypto donations in response to the crisis in Eastern Europe is exposing that much.
Much of the bullish posturing of Bitcoin (BTC-USD) bulls centers around store of value, transactability and DeFi potential of digital currencies. And these crypto bulls are certainly onto something. The asset class has brought a sort of investing revolution along with it, creating financial independence for many while stoking the ire of others.
However, there’s new evidence of crypto’s inevitable ubiquity shining through. Digital currency is playing a central role in the humanitarian response to the Russia-Ukraine conflict.
Ukraine Crypto Donations Total Millions Amid Conflict With Russia
- For context, it’s worth noting that Ukraine is further ahead of the curve than the U.S. when it comes to crypto policy. The country already recognizes cryptocurrency as legal and is regulating it. It passed this legislature in late 2021.
- Ukraine has been locked in conflict with Russia since 2014, when the Ukrainian Revolution removed a Russian-sympathetic government with one more embracing of the West.
- This conflict came to a head last week, when Russia launched a full-scale invasion of Ukraine. The two countries are currently battling for control of Ukraine’s capital, Kyiv.
- In response to the conflict, Ukraine’s government is accepting crypto donations globally to help support its defense against the siege.
- The country is accepting Bitcoin, Ethereum (ETH-USD) and Tether (USDT-USD) from donors. Upon announcing the donation drive, the country has published its wallet addresses to which donors can direct payments.
- The country only began accepting donations over the weekend, beginning Feb. 26. Yet, it is already picking up significant steam from supporters worldwide. These addresses are reportedly already seeing over $10 million in donations raised.
- In addition to these donations, users are making donations of Tron (TRX-USD) to the country, totaling $3 million. A Ukrainian non-government organization (NGO) called Come Back Alive has also raised over $7 million in crypto.
- Ukraine crypto donations showcase the philanthropic use cases for crypto, especially in the face of a crisis. There is an obvious use for the assets as a tool for philanthropy; Ukraine is receiving the currency directly and donors can send the money instantly and securely.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
