'Crypto Is Helping' Ukraine With Fast Transfers: Government Official

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. TWTR profile asked the cryptocurrency community for donations, including the address of a Bitcoin BTC/USD and Ethereum ETH/USD 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.