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War Crisis: Ukraine to Sell NFTs to Fund Military Against Russia

Published Sat, Mar 05 2022 09:39 am
by The Silicon Trend

 

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War Crisis: Ukraine to Sell NFTs to Fund Military Against Russia

 

NFTs to Fund War Against Russia

Ukraine's government said the government will issue NFTs to fund the military against the Russian war. The Deputy PM - Mikhailo Fedorov announcements came in the same week when the country raised more than £200Mn from war bond sales. These bonds are one of the ways to raise funds. Moreover, Ukraine is also discussing with the International Monetary Fund (IMF) and World Bank over an emergency help.

Mr. Fedorov tweeted about the launch of NFTs, though a specific date hasn't been mentioned. However, he added that there were no plans to sell the tokens similar to cryptos. On Tuesday, the country raised 8.1Bn hryvnia ($270Mn) from war bond sales. The finance minister of Ukraine said the revenue earned from these bonds will be used to meet the country's military needs. This week, IMF and World Bank announced their working on a multi-billion package for the country soon.

 

 

A Million Bitcoins Flowing into Ukraine

According to crypto analysts, around $13.7Mn bitcoins are offered by anonymous donors to the Ukrainian war. So far, the country has received 4K donations, with one unknown individual donating $3Mn to an NGO. On 26th February, the Ukrainian govt took it to Twitter, saying the country now accepts crypto donations - USDT, Bitcoin, and Ethereum, to serve the needs of armed forces.

Tom Robinson, an Elliptic founder, told BBC.com few finance and payment organizations refused permission to donate to groups that support Ukraine military, thus cryptos emerging as a vital next thing. On 25th February, Patreon, a fundraising platform, suspended further operation on the donation page for 'Come Back Alive' - a Ukrainian NGO that was around since 2014 raising funds for the country's armed forces. 

But the platform said the page violated their company's policy, as they haven't allowed the use of funds for military activity or weapons. As crypto fundraising is a significant part of the modern conflict, scammers are lingering around to take advantage of current Ukrainian situations by tricking unsuspecting users.