The Russian invasion of Ukraine, which took place on multiple fronts on Thursday, prompted a swift response from the Ukrainian government, which mobilized troops, armed civilians and appealed to world leaders for assistance.
As world leaders have warned for weeks, Russian President Vladimir Putin has started a “unprovoked and unjustified attack” on Ukraine, according to US President Joe Biden.
Military action has caused international outrage and many people want to make some kind of contribution to the Ukrainian people. Donations are being made to medical supplies, humanitarian relief, psychiatric services, military equipment, and other causes.
Earlier that day, the Ukrainian Ministry of Defence set up a designated bank account for wire transfers of foreign currency to assist its armed forces. In its memo, the Ukrainian army highlighted “numerous requests from non-residents who wish to donate.” One particular passage in the memo caught users’ attention.
“National legislation does not allow the Ministry of Defence of Ukraine to use other payment systems (‘Webmoney,’ ‘Bitcoin,’ ‘PayPal,’ etc.)”
As soon as the link was posted on the Ukrainian government’s Twitter account, cryptocurrency fans flocked to the account to request that digital currency donations be accepted. One TechLeakers user wrote: “Get a Bitcoin cryptocurrency address.”
“So that it will be accepted worldwide.” Others were concerned about the possibility of the Ukrainian Armed Forces accepting cryptocurrency donations, with MMusikwolf writing:
Do not donate crypto. The value fluctuates too much for it to be useful in this sense. [Fiat] Money has the highest liquidity of any asset and thus can be used fastest.
As BiggieWhale pointed out, stablecoins have a tethered US dollar and therefore do not suffer from such price fluctuations. Several social media posts have been sharing the bitcoin wallet address (Bc1qkd5az2ml7dk5j5h672yhxmhmxe9tuf97j39fm6) and other methods of donation since at least Tuesday. The fundraising project, “Come Back Alive,” claims to assist Ukraine’s military efforts. In total, the wallet in question has received and disbursed over $150,000 worth of bitcoin.
Donate for the Ukrainian army here: https://t.co/pVX50pPtVd pic.twitter.com/cjNYhNvWbX
— Ukraine / Україна (@Ukraine) February 24, 2022
In preparation for a Russian invasion, donations have poured into Ukraine. Russian troops launched a full-scale military assault on the country on Thursday. It is reported that Russian forces recently captured the Chernobyl power plant. With Russia’s offensive continuing, the United States and others have imposed heavy sanctions.
An English-language Ukrainian newspaper, Kyiv Independent, has set up a bitcoin wallet that has received around $5,500 in donations. They say the donations will allow the publication to continue covering the crisis.
Currently, the value of Bitcoin and the Ukrainian Hryvnia have suffered significant losses as a result of Russia’s military advance.
