Ukraine and crypto
Michael has been an advocate for all things crypto for more than eight years. A full-time crypto player since 2013, Michael faced government crackdowns and other issues early on.
And to prevent the same from happening, he has headed the Blockchain Association of Ukraine as president to protect crypto companies. However, the most significant changes in the crypto space of Ukraine came only at the beginning of this war.
According to Michael, before the war, KUNA was used to handling $1 million to $4 million in volume every day. But much has changed since February 24th, and crypto has become a prominent and essential element in the war effort.
Today, what were once primary means of payment, USD and cash, have become useless.
“Considering you can’t really take cash out of the country and keep it safe, nobody really wants it. Now crypto is the most valuable form of money in Ukraine. Everyone wants crypto because it is the fastest, most flexible, easiest and least bureaucratic way to store and spend their money. Crypto is the new king of money in Ukraine.”
The amount of donations Ukraine has received in crypto (Bitcoin, Ethereum, etc.) has funded the war effort with more than 5,500 bulletproof vests, 500 helmets, night vision goggles and medicines.
Consequently, instead of joining the army, Michael became a crypto banker for the government. He explained,
“I am responsible for collecting, fundraising and storing crypto and also exchanging crypto for crypto and crypto for fiat, opening bank accounts for intermediaries or the government and then buying anything the Department of Defense requires. We also find the suppliers willing to sell us humanitarian goods or helmets or bulletproof vests for crypto. So I am in charge of this virtual government crypto fund.”
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.