Crypto is an ‘essential tool’ in the country’s defense, says Ukrainian Minister

Since the start of Russia's invasion of Ukraine, cryptocurrencies have become a crucial tool for contacting investors and asking for their cooperation in generating money for the ongoing war effort.

Alex Bornyakov, Ukraine's Deputy Minister
Image: Bankless YouTube

Notably, in a tweet published on July 26, Alex Bornyakov, Ukraine's Deputy Minister of Digital Transformation, stressed how important crypto is still to the nation's defensive strategy.

Despite recent market declines, he is certain that cryptocurrencies will not disappear.

The Ukrainian government used social media to request cryptocurrency donations after the Russian invasion of Ukraine on February 24. Since then, the East European country has relied on cryptocurrencies as a means of obtaining and securing finances.

Considering that compared to traditional banking, digital currencies have distinct advantages over other types of cross-border payments, most notably the speed and secrecy of transactions.

According to Michael Chobanian, the man behind the biggest cryptocurrency exchange in Ukraine, KUNA, who spoke with Bloomberg:

“It takes 10 minutes for a Bitcoin block to close [average confirmation time for a Bitcoin payment]. And it takes about three days to do the same thing through the banking system.”

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