Crypto During a Crisis - How Is Bitcoin Helping Ukraine?
 

Crypto During a Crisis - How Is Bitcoin Helping Ukraine?


After thirteen years, is Bitcoin finally demonstrating its best use case during dramatic events? Find out how Bitcoin and cryptocurrencies are currently being beneficial to Ukraine.

After Thirteen Years, Is Bitcoin Finally Proving Its Best Use Case During Dramatic Events? Find out with Empirex Capital how Bitcoin and cryptocurrencies are currently being beneficial for Ukraine.

On Feb. 17, the Ukrainian parliament finally passed a law that legalizes Bitcoin and other cryptocurrencies. They became recognized as legitimate payments and a vehicle to boost the industry’s business development in the country.

The regulation does not imply that Bitcoin is to be considered legal tender like in the case of El Salvador, but it is rather accepted legally as a payment method.

The law was first drafted in September last year, but it had been put on hold because other matters had become more urgent, and creating a new regulatory authority, specifically for Bitcoin and cryptocurrency was not affordable for the country at that time.

The recent legislation could not come at a more appropriate time. Since the start of the conflict and international crisis last week, Bitcoin and other cryptocurrencies have become a strong support for the Ukrainian government and its people.

How Is Bitcoin Currently Being Used in Ukraine?

Ukraine has always been a front runner on Bitcoin and cryptocurrency usage. According to the New York Times, the country was already the world’s crypto capital before the legislation was enacted, processing more transactions in Bitcoin than its currency, the Hryvnia.

The confirmation of such a high volume of Bitcoin transactions was materialized a few days ago with the publication of BTC, ETH, and USDT addresses by the Ukrainian government, NGOs, and various volunteer groups across social media channels. They asked donations to be directed at those addresses to support the population and the military at this difficult time.

Unprecedented Donations Offered in Crypto

At the time of writing, the BTC Ukraine donation address recorded 8,407 transactions for a total of 187.89527235 BTC received (approx. $8.3M), while the ETH address recorded a total of 8,959 transactions of donations received for a balance of 2,453 ETH (approx. $7.5M). USDT accounts for a total of 5,488 transactions on the Tron blockchain.

Such cryptocurrency crowdfunding is unprecedented and still undergoing. Blockchain analytics firm Elliptic reported that as much as “$24.6 million were raised through more than 26,000 crypto asset donations since the start of the crisis. One NGO received a single Bitcoin donation worth $3 million.” The crypto assets even included a number of NFTs on top of the above-mentioned cryptos.

Unprecedented Donations Offered in Crypto

At the time of writing, the BTC Ukraine donation address recorded 8,407 transactions for a total of 187.89527235 BTC received (approx. $8.3M), while the ETH address recorded a total of 8,959 transactions of donations received for a balance of 2,453 ETH (approx. $7.5M). USDT accounts for a total of 5,488 transactions on the Tron blockchain.

Such cryptocurrency crowdfunding is unprecedented and still undergoing. Blockchain analytics firm Elliptic reported that as much as “$24.6 million were raised through more than 26,000 crypto asset donations since the start of the crisis. One NGO received a single Bitcoin donation worth $3 million.” The crypto assets even included a number of NFTs on top of the above-mentioned cryptos.

Created on 10th Mar 2022

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