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    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Cryptocurrencies»Twitter users ask Ukrainian armed forces to start accepting crypto donations
    Cryptocurrencies

    Twitter users ask Ukrainian armed forces to start accepting crypto donations

    By Zhiyuan Sun
    February 24, 2022By Cointelegraph2 Mins ReadNo Comments
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    On Thursday, Russia launched a full-scale invasion of Ukraine on multiple fronts, prompting a swift response from the Ukrainian government as it mobilized troops, armed civilians and called upon world leaders to come to its aid. 

    The same day, the Ministry of Defense of Ukraine began accepting donations for its armed forces by setting up a designated bank account for foreign currency wire transfers.

    Donate to RareHippo Now!

    The Ukrainian army cited “numerous requests from individuals and legal entities who are not residents of Ukraine and wish to make donations.” It appears one particular part of the memo caught the attention of social media users:

    “National legislation does not allow the Ministry of Defense of Ukraine to use other payment systems (“Webmoney,” “Bitcoin,” “PayPal,” etc.)”

    Crypto enthusiasts quickly took to the Ukrainian government’s Twitter account, where the link was posted, to ask for the acceptance of digital currency donations. For example, user TechLeakers wrote: “Get a Bitcoin cryptocurrency address.

    So it will be accepted globally.” However, some also voiced their concern over the potential of the Ukrainian Armed Forces accepting crypto donations, with MMusikwolf writing:

    crypto donations could be helpful: its really easy, fast, cheap and secure
    also consider this method

    — timo (@tymo_tt) February 24, 2022

    Do not donate crypto. The value fluctuates too much for it to be useful in this sense. [Fiat] Money has the highest liquidity of any asset and thus can be used fastest.

    But others, such as BiggieWhale, quickly pointed out that stablecoin digital currencies such as USDT are pegged to the U.S. dollar and therefore, theoretically, do not suffer the same degree of price volatility. At least one Ukrainian non-government organization, Come Back Alive, currently accepts BTC donations, with the proceeds going to the Ukrainian Army.

    Due to Russia’s military advance, global assets and foreign exchange prices, including the value of Bitcoin (BTC) and the Ukrainian Hryvnia, are currently experiencing steep selloffs. 

    FTX CEO Sam Bankman-Fried commented on the issue of currency destabilization in Eastern Europe due to the invasion. In a lengthy Twitter thread, Bankman-Fried wrote: “If you were in Ukraine right now, where would you trust your money?”

    He also said: “And more importantly, there might be war. That’s really bad for the world. Fuck all this price stuff. Go outside and do something nice for someone.“

    According to the Ukrainian government, 40 people have been killed in the first hours of the Russian invasion, with several dozens wounded. In addition to targeting Ukrainian military installations, there have been reports of Russian missiles hitting critical infrastructure, such as airports and civilian establishments.

    Read full story on Cointelegraph

    Cryptocurrencies
    Previous ArticleThere’s a lone bright spot in crypto that’s holding its value amid Putin’s invasion of Ukraine
    Next Article ETH market faces $500 million liquidation if price drops below $2,100

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