ukraine
Bulletins

The Ukrainian Ministry of Defense cannot accept your bitcoin

While the Ukrainian armed forces are accepting donations in foreign currencies, crypto isn't welcome.

Protesters holding signs, one says, "We want peace on our land." Two others display images of Vladimir Putin with red X markings drawn over them.

Many in the blockchain sphere are asking whether crypto could or should be a way to make donations to Ukraine.

Photo: Burak Kara/Getty Images

After Russia launched a full-scale invasion of Ukraine on Thursday, many in other countries have turned to donations to aid Ukraine in its fight.

The flood of offers of monetary support prompted the Ukrainian Ministry of Defense to post bank account information on its official site, stating that it had received “numerous requests from individuals and legal entities who are not residents of Ukraine and wish to make donations (in foreign currency) for the logistics and medical support of the Armed Forces of Ukraine.”

The account can receive bank transfers denominated in foreign currencies. However, the site states that “national legislation does not allow the Ministry of Defense of Ukraine to use other payment systems (“Webmoney”, “Bitcoin”, “PayPal”, etc.).” In other words, no crypto.

Many in the blockchain sphere are asking whether crypto could or should be a way to make donations to Ukraine, with Jake Chervinsky, head of Policy at the Blockchain Association, proposing a "Ukraine Relief DAO."



Michael Fasanello, director of Training and Regulatory Affairs at the Blockchain Intelligence Group, said transactions he tracked suggested that people are already making crypto donations toward the defense or relief of Ukraine, with a significant spike in dark web donations and at least four addresses reflecting spikes in the last few days.

“This is an excellent display of the dark web being used for non-nefarious activity,” Fasanello said in an email to Protocol. “One wallet doubled from 6 BTC to 12 BTC overnight" — worth $432,000 at current values.

Lindsey Choo
Lindsey Choo is a former Protocol reporter covering fintech. She is a graduate of UC San Diego, where she double majored in communications and political science. She has previously covered healthcare issues for the Center for Healthy Aging and was a senior staff writer for The UCSD Guardian. She can be reached at lchoo@protocol.com.
cryptocurrencywardonationsukraine reliefukrainerussia-ukraine
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