Bitcoin Donations Pour in to Support the Ukrainian Army

Ukrainian Army Receives Over $900,000 in Bitcoin Donations

According to data from U.K.-based blockchain analytics firm Elliptic, over 24 BTC worth more than $900,000 have been donated so far on Friday to Come Back Alive, one of the largest organizations supporting the Ukrainian army.

The surge of crypto donations signifies that digital assets have 'emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups,' according to Elliptic.

The crypto donations were deployed for a variety of purposes including equipping the Ukrainian army with military equipment, medical supplies, and drones. Additional purpose includes funding the development of a facial recognition app designed to identify if someone is a Russian mercenary or spy.

Crypto Community to the Rescue

Crypto users rushed to a Twitter post after the official account of Ukraine asked for donations to its army, and instead urged the ministry to set up a crypto wallet. However, as of yet, none has been set up so far.

Other than that, numerous pro-crypto communities on social media platforms have taken up to setting independent crypto fundraising initiatives. Just today a blockchain community in Ukraine set up a local crypto charity fundraising initiative called the Unchain Foundation to accept donations in digital currencies.

Ukraine Paves the Way for Crypto Regulation

Earlier last week, the government of Ukraine passed a bill to legalize cryptocurrencies, the first step in setting up a framework for the regulation and legalization of digital assets.

Ukraine ranks fourth worldwide in terms of global crypto adoption. In fact, blockchain analysis firm Chainalysis reported last October that over $8 billion worth of cryptocurrencies flows in and out of the country every year.