AidforUkraine open to more cryptos as government needs more funds

By Raffaele Redi

Ukraine is now accepting Terra and Cardano for donations

Demonstration in front of the Brandenburg Gate in support of Ukraine and against the Russian invasion                                 
Donations, like protests against the war, are coming from all around the world to support Ukraine - Photo: Shutterstock
                                

The government of Ukraine is accepting Terra (LUNA), Cardano (ADA) and Casper Network (CSPR) cryptocurrencies as a way of donations, as the AidforUkraine DAO has raised $55.6m in cryptocurrency.

“Supporting Ukraine is supporting world peace. I am amazed how united the crypto community is. $55.6m raised to date. Thanks to AidforUkraine is now possible to donate Luna, Terra ($UST), Cardano (ADA) and CSPR Casper Network,” tweeted Ukraine’s Deputy Minister of Digital Transformation, Alex Bornyakov.

While sanctions limited most Russian crypto users mainly to black markets, crypto donations to Ukraine came from all around the world.

“Digital public services during wartime, corporate sanctions and crypto donations, our contribution to the Ukrainian victory,” said Mykhailo Fedorov, vice-Prime Minister of Ukraine in a tweet.

However, as most of the funds were contributed at the beginning of the war – which currently is at 22 days of battle – the government has been forced to renew their appeal for donations.

The Elliptic chart shows how crypto donation drastically decreased in the last days, while on the battlefield the situation has been worsening.

Ukraine National bank low on funds

Fiat donations follow a similar pattern, as the National Bank of Ukraine is currently seeking more funds to support the Ukrainian Army. The institution said only around $2.9m or UAH86m remained on the balance of the special fundraising account.

According to the bank, money has been coming in from people and businesses in Ukraine and from all over the international community, including the US, the UK, Germany, Poland, Sweden, Finland, China, France, Canada, Australia, and many other countries.

Donations from abroad have been made in several foreign currencies: US dollars, euros, GB pounds, Canadian dollars, Chinese renminbi, Japanese yen, Swiss francs, Polish zlotys and Australian dollars.

Since 1 March 2022 the special account of the Ministry of Social Policy the NBU opened for humanitarian aid received UAH282.4m, less than $10m.

The equivalent of almost UAH143m in donations has come into this account from outside Ukraine in foreign currencies, including US dollars, euros, GB pounds.

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