Official says crypto literally saved the lives of soldiers in Ukraine

On Tuesday, the deputy minister of digital transformation for Ukraine, Alex Bornyakov, reaffirmed his support for cryptocurrencies on Twitter, calling them “essential” to the nation’s fight against Russia.

Despite the "bear market" crypto has become an essential tool of Ukraine's defence, providing flexibility and speed that literally saved our soldiers' lives. Every "crypto winter" leads to a "crypto spring", but the industry is here to stay. https://t.co/Zhu93vso5T

— Alex Bornyakov (@abornyakov) July 26, 2022

Ukraine receives heavy crypto donations

Despite the crypto market downturn, Ukraine continues to receive crypto donations for the nation’s military and social aid. Notably, as TheCoinRise reported, the country began collecting crypto donations in the early months of 2022. The country’s Ministry of Digital Transformation has millions of dollars in donations in the form of cryptocurrencies like Bitcoin, Ethereum, Solana, Polkadot, and Tether on the Aid for Ukraine website. Ukraine partnered with FTX, Kuna, and Everstake to launch its official crypto donation platform, as TheCoinRise reported.

Along with the crypto donations, the country has also used NFTs to raise even more funds for its military operations by launching a virtual museum, “Meta History: Museum of War,” that showcases the latest events of the Russia-Ukraine dispute.

Geopolitically speaking, this was a revolutionary move, but those who follow the crypto ecosystem and are aware of the nation’s importance in terms of adoption won’t find it all that shocking.

As a result, unlike its opponent Russia, who recently outlawed the use of cryptocurrencies for payments and cash operations, Ukraine has legalized cryptocurrency use, reiterating its support for the sector.

Optimistic statements

Bornyakov has shown a positive optimism by stating that crypto donations have “literally” saved the lives of soldiers in Ukraine amid a “crypto bear market.” Additionally, he stated that each crypto winter results in a crypto spring. However, the deputy minister didn’t offer any predictions or comments on market conditions.

More than two-thirds of the market capitalization of the bitcoin industry have been lost in the ongoing crypto winter. It reached an all-time high of about $3 trillion in late 2021. If Bornyakov is correct and the new crypto spring reverses the damages, the entire industry would need to show a 3X growth.