Ukrainian official praises digital payments in funding society and war during WEF event

Jan 17, 2023 | Political News

On Tuesday, Ukrainian Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov took to the stage for a press conference at the World Economic Forum‘s Annual Meeting.

Fedorov praised Ukraine's ability to accept digital payments from those seeking to fund the country's war efforts, and noted that they were on pace to be global leaders in the use of cryptocurrency.

“Early on in the war you launched a fundraising initiative using cryptocurrency,” a reporter from CoinDesk noted, asking Fedorov if he viewed the program as a success.

“Indeed,” Fedorov replied via a translator, “during the first days of invasions, the opportunity to receive the donations from organizations and funds in Ukraine so that it would enable them to buy necessary services and goods was critically helpful to Ukraine.”

Due to the martial law that was introduced in the country, certain restrictions were imposed in terms of currency use and purchases and that would make it more difficult to buy something for the armed forces for the country.

“Owing to the support of the world crypto community,” Fedorov continued, “we have managed to facilitate and expedite quick purchases of everything we needed for our armed forces.” He noted that donations helped pay for everything from uniforms to pickup trucks.

Fedorov continued on to say that Ukraine's government has passed a law making digital assets such as cryptocurrency legal, and he noted that once a taxation law is signed, the country will be on pace to have “the best crypto-asset jurisdiction in the world.”

In August, Fedorov revealed that Ukraine had raised tens of millions of dollars via crypto donations, and that some of that money had gone towards the purchase of weapons.

In an interview with CoinDesk, Defence Ministry official Alex Bornyakov noted that over $5 million had been spent on weapons, however, he clarified that they were for defense, not offense.