The Social Impact of Crypto: A Force of Good in Ukraine
Did you know Ukraine has received over $54 million worth of donations in cryptocurrency alone…?
This astounding support through blockchain has lead Ukraine President Volodymyr Zelenskyy to effectively legalise cryptocurrency in Ukraine. Among other allowances, the bill allows Ukrainian banks to open accounts for crypto firms & means the state will protect cryptocurrency with the same legal force as its currency, the Hryvnia
This is not only an amazing reflection of individuals & groups desire to support the humanitarian effort but a true demonstration of the social impact of DeFi & cryptocurrency.
So why is crypto so ideal for donations?
Crypto is not linked to a government or central bank — this means it gets to Ukraine faster.
It isn’t controlled by a single authority — this radical transparency of donations makes it easier to know where donations are going in Ukraine & builds trust in charities.
Alex Bornyakov, Deputy Minister of Digital Transformation, said that $15 million from donations — which were mainly sent in Bitcoin and Ether — had been spent on non-lethal military equipment, including bulletproof vests.
Cryptocurrency transactions are far more cost-effective than fiat, which require banks and other third-party financial firms that charge fees.
What’s more, cryptocurrencies are not tied to geography so currency conversion costs are not needed — this makes using crypto to donate abroad perfect.
Blockchain has now become a method of making a meaningful change, creating social impact and revolutionising the world in a very 21st century way. Significant change in Ukraine is now being made via a technology designed to bring power to its users
Would you like to support Ukraine?
Ukrainian Spirit NFT Collection, together with the support of Sinofy Group, is launching its first charitable series “Many Souls, One Voice” to support humanitarian aid and assistance in Ukraine
Represented in a unique series of NFTs, this exclusive collection reflects these different aspects of Ukrainian identity
Find out more here: https://ukrainianspirit.io
