It is common knowledge that the crypto market is currently experiencing a downturn.
Just look at what happened to Bitcoin (BTC). It had lost over 20% of its value in May.
Although the crypto market is bearish, the war -torn Ukrainian government since mid -February is seen as wanting to continue its crypto donation program in an effort to raise funds for the country.
For the record, since the beginning of the war the Ukrainian government has requested additional donations in the form of cryptocurrencies through the ‘Aid for Ukraine’ initiative.
It is said that the initiative has managed to raise $ 51.5 million (RM226 million) from the target of $ 60 million set, as of May 19.
In addition, Aid for Ukraine funds are said to have been used for the expense of Ukrainian military equipment worth $ 45 million before the invasion took place.
According to Ukraine's Deputy Minister of Digital Transformation Alex Bornyakov, the government has funded part of its war effort using cryptocurrencies.
Also a year before the war, Ukraine had seen an increase in BTC contributions to a group of Kiev volunteers who partly supplied government team equipment.
Turning to the issue of focus, despite the declining crypto market, Ukraine is seen in an effort to raise an additional $ 15 billion in 3 months to support economic growth.
In conjunction with that, the Vice Prime Minister of Ukraine Mykhailo Fedorov is seen to be trying to raise crypto investments at the World Economic Forum this week.
