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Ukraine Leverages Crypto to Survive War: Coinbase, Official Talk Use

• Coinbase held a live Twitter space to discuss crypto’s role in Ukraine amid the ongoing invasion by Russia.
• Deputy Minister of Digital Transformations, Alex Bornyakov, noted that Ukraine raised at least $60 million in crypto following the attack.
• Bornyakov also highlighted that crypto was quite common in daily lives in the early days of the invasion— to date, many people still use crypto.

Coinbase Discusses Crypto Use in Ukraine

Coinbase held a live Twitter Space on March 7th to address the use of cryptocurrencies in Ukraine amidst their ongoing battle with Russian forces. The discussion was attended by Faryar Shirzad, @Coinbase Chief Policy Officer and Alex Bornyakov, Ukrainian Deputy Minister of Digital Transformations.

Crypto Funds Raised During Invasion

Bornyakov reported that during the first few weeks of the attack, they were able to raise at least $60 million through cryptocurrency donations from countries and allies who initially believed Ukraine would fall within 96 hours. However, when winter set in and the market for cryptos cooled, this number dropped significantly.

Transparency With Gathered Crypto

When asked about transparency with gathered funds, Bornyakov mentioned that due to blockchain’s public nature it is possible to track transactions but certain details concerning shops and ammunition were kept confidential for security reasons.

Governments Sharing Info on Crypto Platforms

He also said that governments and regulators from different countries are working together to improve implementation methods when it comes to crypto usage within Ukraine’s borders.

Crypto Still Used In Everyday Life

Despite restrictions put into place by their central bank for security reasons, Bornyakov reported that many Ukrainians still regularly use cryptocurrencies as part of their everyday life even after all these years since the initial invasion took place.