Monday , September 26 2022
Ukrainian Govt, Citizens Adopts Bitcoin for Financial Transactions

Ukrainian Govt, Citizens Adopts Bitcoin for Financial Transactions

Ukrainian citizens are depending on cryptocurrency for financial transactions as many of the displaced residents, including Nigerians cannot access their accounts.

The United Nations said on Sunday at least 150,000 persons had fled Ukraine following last week’s invasion of the country by Russia, with many losing their accounts and credit cards.

In order to survive the financial crisis caused by the war, the refugees and the Ukrainian government are turning to Bitcoin and Ethereum for goods and services.

Read More: Russian Crisis: World’s Largest Plane Destroyed in Ukraine

In a tweet on Saturday, the Ukrainian government said: “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.”

Since the announcement, the government has raised $4.9 million in cryptocurrency, with ethereum accounting for close to $3 million in donations and Bitcoin inching closer to $1million.

The co-founder of Ethereum, Vitalik Buterin, and FTX chief executive, Sam Bankman-Fried, have been offering their support to the Ukrainians with the end of the war not in sight.

About Bukola Olanrewaju

Check Also

NECA Berates FG on Imposition of over 50 Different Taxes, Levies on Businesses

The Nigeria Employers’ Consultative Association (NECA) has raised the alarm about over 50 different taxes, …

Leave a Reply

Your email address will not be published.