DONATIONS IN DIGITAL CURRENCIES HELP UKRAINE
The versatility of Choose Bitcoin and the fact that they are decentralized financial instruments offer help to all the countries when crisis situations are approaching.
Such is the case of the confrontation that Ukraine is currently experiencing after Russia’s repression. The financial sector is the most affected, where the entry and exit of monetary resources become complex.
The experiences that Ukraine has currently experienced in terms of financial contributions from different geographical points of the world are exciting because they have been made in DIGITAL CURRENCIES.
Bitcoin has been the protagonist throughout this period of confrontation between Russia and Ukraine; millions of dollars have entered the country for aid due to the strong position it has had against the Russian power.
How do donations in cryptocurrencies arise?
Cryptographic donations began in February after the request of the Ukrainian Government through its Twitter account. However, digital currencies have not had worldwide support and legality; they have been the bridge to financially maintaining the nation.
The use of cryptocurrencies currently represents almost 85% of the currencies in current use in the country; where between 15 and 20% of the amount received for donations is being used for commercial operations.
These operations are carried out with establishments that accept cryptocurrencies as a form of payment; according to statements by the Vice Minister of Ukraine, the amount that has entered the country for donations in Bitcoin is between 70 million dollars.
After donations, cryptocurrencies are legalized in Ukraine
After receiving military, economic, and financial support from various parts of the West, Ukraine has been dramatically favored by donations in cryptocurrencies, an issue that for many was impossible; digital currencies have been responsible for leading the financial aspect in Ukraine.
So much has been the increase in the use and management of cryptocurrencies that the Ukrainian Government has been legalizing their service by creating the Law on digital assets.
The objective of this Law is to create a legal market for the Exchange and handling of various digital currencies, controlled and regulated by the National Securities Market Commission of Ukraine.
Through this new regulation, not only will the use and management of cryptocurrencies be allowed legally, but also a door will be opened for all those EXCHANGE PLATFORMS that, in many cases, have not been able to enter the digital financial market.
The options are multiple now that digital currencies are legal and benefits are obtained; all parties, both users and providers, must comply with a series of requirements, where the funds used will be supervised and audited.
This legalization may allow cryptocurrencies to position themselves globally with greater confidence and transparency. These will be the future currencies, and they are confirming this with increasing force.
The fact that this Law comes into force requires certain modifications of the current laws in the Ukrainian country since they could generate incompatibilities between them since cryptocurrencies are such a new topic.
Transcending borders with the digital age
After the impact that cryptocurrencies achieved through the donation in favor of Ukraine, in a joint effort between two essential companies such as Everstake and FTX as a representative of cryptocurrency exchange platforms, they managed to create a web page to raise funds to help Ukraine.
On this website, you will find all the possible options to carry out any transaction in favor of Ukraine, from the official wallets to the Exchange.
Technological advances favor any contribution to humanity, from the security aspect to finance, for many cryptocurrencies will be the lifeline of many economies worldwide.
The funds raised by donations will be used for the country’s recovery and, of course, the improvement of the Ukrainian armed forces; given all the cryptographic advances that this western country has achieved, Russia is not far behind.
Although the latter’s position was against cryptocurrencies, in recent months, it has been betting on the possible legalization of cryptocurrencies since these have not allowed a financial debacle as a result of the war between the two countries.
The impact and scope that cryptocurrencies have achieved are impressive since many are those who bet on their failure. They still continue to demonstrate how useful they can be in any circumstance.