cryptocurrencies, Since the beginning of the Russian invasion of Ukraine, it has become an important tool to reach investors to raise funds during the ongoing war.
In particular, Ukraine’s Deputy Minister of Digital Transformation Alex Bornyakov emphasized in a tweet on July 26 that cryptocurrencies are very important for the country’s defense strategy.
“Cryptocurrencies will continue to be permanent”
Although the market has experienced some downside recently, Bornyakov believes that crypto assets will not disappear:
“Despite the ‘bear market’, cryptocurrencies have become an important tool in Ukraine’s defense, providing flexibility and speed that has literally saved the lives of our soldiers. Every ‘crypto winter’ leads to a ‘crypto spring’, but the industry will remain persistent.”
Despite the “bear market” crypto has become an essential tool of Ukraine’s defense, 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
After Russia invaded Ukraine on February 24, the Ukrainian government used social media to solicit cryptocurrency donations, and since then the country has been used as a tool to raise and secure funds. bitcoin and it relies on crypto.
Digital currencies have unique advantages over other forms of cross-border payment, especially in the speed and anonymity of transactions compared to the traditional banking system.
Michael Chobanian, the founder of Ukraine’s largest crypto asset exchange KUNA, made the following statements in an interview with Bloomberg:
“The average confirmation time for a Bitcoin block to expire, that is, for a Bitcoin payment, takes 10 minutes. It takes about three days to do the same thing through the banking system.”
*Not investment advice.