Ukraine Government Analyzes How It Spent  Million on Crypto

Ukraine Government Analyzes How It Spent $54 Million on Crypto

The embattled Ukrainian government is spending $54 million in cryptocurrency donations on military and medical supplies, according to a senior minister.

“With $54 million raised by @_AidForUkraine, we have provided our defenders with military equipment, armor, medicine and even vehicles,” said Deputy Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine Mykhailo Fedorov. said On twitter. “Thank you to the crypto community for your support since the beginning of the full-scale invasion!”

Ukraine shows the breakdown of spending

Ukraine spent the highest amount, $11.8 million, on unmanned aerial vehicles (UAVs), according to a breakdown of spending.

Armored vests came in second with $6.9 million. Next, $5.7 million, $5.2 million, and $5 million were spent, respectively, on computer hardware and software, the government’s anti-war media campaign, and weapons requested by the Ministry of Defense.

While the breakdown included quantities purchased for most items, the last three items were not disclosed for security reasons.

The donations have been facilitated by Aid For Ukraine, an initiative launched by Everstake, the Ministry of Digital Transformation of Ukraine, and FTX.

The US crypto exchange has been supporting the effort by converting crypto donations into fiat money and sending the donations to the National Bank of Ukraine.

In March, Ukraine’s President Volodymyr Zelenskyy signed into law a virtual assets bill to legalize cryptocurrencies in a country that has been receiving millions in crypto donations for military and humanitarian aid in its war against Russia.

The government had previously managed to sell non-fungible tokens that had been donated to the war effort.

Japan Shuts Down Russian Crypto Mine

Meanwhile, the fallout from the Ukraine invasion continues to mount for Russia, with sanctions further compromising its global economic integration. For example, Japan’s largest online broker SBI Holdings announced it would shut down crypto mining operations in Russia, fearing retaliation for circumventing sanctions.

Chief Financial Officer Hideyuki Katsuchi announced plans to liquidate the crypto mining outfit earlier this week.

Following China’s ban on cryptocurrency mining last year, most miners flocked to Russia, after the United States, to harness cheap energy from natural gas and hydroelectric dams.

However, after sanctions on Russian companies were first introduced in the wake of the invasion earlier this year, the US Treasury Department attacked Swiss-based crypto mining company BitRiver for its operations in Russia.

Shortly thereafter, Compass Mining preemptively disposed of $30 million worth of hardware that had been operating in Siberia.

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