Ukraine's Deputy Minister of Digital Transformation Alex Bornyakov said the cryptocurrency community is helping the nation in the wake of the Russian invasion.
What Happened: Back in late February, Ukraine's official Twitter Inc. (NYSE:TWTR) profile asked the cryptocurrency community for donations, including the address of a Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) wallet.
Reports published on the next day indicated that the eastern European nation already received over $37 million in crypto donations at the time. Now Bornyakov said that "close to $100 million" has been donated in digital assets.
See Also: Learn about Cryptocurrency
Now, during a recent Collective[i] Forecast Zoom call, Bornyakov said cryptocurrency donations are playing a major role in Ukraine's economy and are proving to be “essential in this conflict, in terms of helping our army.”
Cryptocurrencies have significant advantages over the traditional financial system "in a situation like this where the national bank is not really operating, crypto is helping to perform fast transfers, to make it very quick and get results almost immediately," he said.
