Ukraine’s vice-prime minister Mykhailo Fedorov announced on Thursday that the country will begin minting non-fungible tokens (NFTs) in order to fundraise their resistance against the Russian invasion, in what constitutes their latest effort to use cryptocurrency.
As the Ukrainian government continues its fight against the recent invasion, they have been soliciting cryptocurrency donations as a convenient and effective way to raise money internationally for military and humanitarian operations. Cryptocurrency has a number of advantages that make it uniquely attractive for such international fundraising operations. Because cryptocurrency payments can be transferred anonymously, they can serve to anonymize donors, who may prefer to avoid scrutiny for their investments in Eastern European wars. Additionally, the nature of cryptocurrency technology makes it uniquely convenient for international money transfers, avoiding the intermediaries necessary for such transfers in traditional finance.
