Ukraine’s Deputy Minister of Digital Transformation Alex Bornyakov is saluting the role of digital currencies in the country’s plight. During a recent media session, Bornyakov stated that crypto has helped to fast track the disbursement of required financing in Ukraine for military and humanitarian causes. Furthermore, the Ukrainian Deputy Minister also pointed out that the war has impacted the traditional banking system, causing it to lag.
Bornyakov explained that crypto offered the requisite flexibility for the swift and effective delivery of supplies. In order to actualize this from a logistical standpoint, his ministry partnered with a private exchange to create infrastructure that connects the required entities. These entities include the Defense Ministry, banking systems, as well as companies that deliver the goods.
Since being on the receiving end of a brutal Russian invasion in late February, Ukraine has received a lot of financial support, most especially crypto donations. Meanwhile, Ukraine’s financial succor comes even as Russia suffers increasing financial sanctions from world leaders.
Weighing in on Ukraine’s failed airdrop initiative initially intended to reward crypto donors, Bornyakov stated:
“There were a lot of people that donated a very small amount and they just wanted to get rewarded. But I don’t think this is the time to make profits and use the airdrop as a means of profit, so we decided to decline it.”
Image Credits: Pixabay
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