Twitter users urge Ukrainians to start accepting crypto donations as the Ministry of Defense claimed to have recieved numerous requests from foreigners to donate to the Armed Forces but it cannot accept the crypto proceeds so let’s find out more in today’s latest cryptocurrency news.
Russia launched a full-scale invasion of Ukraine on various fronts and prompted a swift response from the governemnt as it mobilized troops and armed civilians as the rest of the world demands the act of aggression to stop. On Thursday morning, the Ministry of Defense of Ukraine started accepting donations for the armed forces by launching a bank account for foreign currency wire transfers so for the Ukrainian army there were numerous requests from individuals and legal entities that are not residents of Ukraine and want to make donations but it seems that one particular part of the meme caught the attention of the Twitter users:
“National legislation does not allow the Ministry of Defense of Ukraine to use other payment systems (“Webmoney,” “Bitcoin,” “PayPal,” etc.)”
Donate for the Ukrainian army here: https://t.co/pVX50pPtVd pic.twitter.com/cjNYhNvWbX
— Ukraine / Україна (@Ukraine) February 24, 2022
Crypto supporters especially Twitter users urge the Ukrainian governemnt to start accepting crypto donations and even post a link to ask for the acceptance of digital currency donations. The user TechLeakers wrote:
“Get a Bitcoin cryptocurrency address. So it will be accepted globally.”
However, some voiced their concerns about the potential of the Armed Forces accepting donations as one user wrote:
“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.”
Others like BiggieWhale pointed out that stablecoins like USDT are pegged to the US dollar and won’t suffer the same degree of volatility. One Ukrainian non-government organization accepts BTC donations with the proceeds going to the army of Ukraine. Due to Russia’s military advance, the global assets and foreign exchange prices like the value of BTC are now experiencing steep selloffs.
The FTX CEO Sam Bankman-Fried commented on the issue of destabilizing the currency in Eastern Europe due to the invasion. Bankman wrote:
“If you were in Ukraine right now, where would you trust your money? And more importantly, there might be war. That’s really bad for the world. Fuck all this price stuff. Go outside and do something nice for someone.”
Footage of the airport bombing in Ivano-Frankivsk. #Ukraine #Russia pic.twitter.com/MLVuNyPItI
— Ω (@w4rw4tcher) February 24, 2022
According to the Ukrainian government, about 40 people have been killed during the first hours of the invasion and dozens of people were left wounded. In addition to targeting Ukrainian military installations and there were reports that Russian missiles hit critical infrastructures like airports and civilian establishments.
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