Never seen in history before, decentralized currencies have helped a great deal in Ukraine’s struggle against Russia. While the policies of the world’s countries have been directed towards incapacitating the Russian economy, the charitable activities of the crypto space have helped with the humanitarian aspect of the ongoing war. The public call for cryptocurrency donations from Ukraine has helped it accumulate a whopping $60 million in the last few days.
According to reports released by minister Alex Bornyakov, the funds are collected primarily through Bitcoin, Ethereum, and USDC coins. The funds are currently being used for purchasing military equipment like night vision goggles, helmets, bullet-proof vests, and Walkie talkies. A significant portion is also used for buying medicines and food packs for soldiers. However, the war has recently crossed the 2-week mark, and the expenses are constantly increasing with the country’s economy stalled. So, the Ukrainian government is planning to expand its digital fund collection by exploring areas like NFTs.
Yes, the Digital Transformation Department of Ukraine has already initiated the creation of artworks based on themes related to this ongoing invasion. Each token from this collection will carry a unique story from the country. The collection of non-fungible tokens will be Ukraine’s attempt to tell the story of its sufferings and retaliation to the world. The funds collected through these digital assets markets are not being used for buying weaponry, as per the statements of Alex Bornyakov.
NFTs have occupied the center stage in the era of decentralization and cryptocurrencies. Moreover, they are constantly being recognized as a means towards charitable and humanitarian activities. Recently, a feminist group from Russia has put an NFT for auction to show their support to Ukraine. In another instance, the popular NFT collection Crypto Punk has donated artworks worth $200,000 towards this cause. So, the importance of digital artworks and assets can no longer be undermined in modern warfare.
Moreover, the digital space, in general, is also receiving great significance in the geopolitical conflict between the two Eastern European countries. Independent cyber-activists are increasingly coming together to wage a digital war against Russia. It has been reported that a group of IT specialists has joined through Telegram to assist Ukraine. Moreover, a popular group of hackers going by the name Anonymous have also been targeting important Russian institutions like Russia Today.
However, Russia is also heavily gearing up for this digital warfare. The country has banned popular social media platforms like Facebook and Instagram on the grounds of facilitating extremist activities. Reports show that the country is also moving towards legalizing piracy. It could be a result of streaming platforms like Netflix shutting their businesses down in Russia.