Coinbase, Ukrainian official discuss crypto use amid the war
On March. 7, Coinbase held a live Twitter space to discuss crypto’s role in Ukraine amid the ongoing invasion by Russia.
The Coinbase Twitter Space
Over the past year, Ukraine has suffered a severe attack from Russia. Earlier today, the use of crypto in Ukraine was addressed in a Twitter space. This space brought together Ukraine’s Deputy Minister of Digital Transformations, Alex Bornyakov, and Faryar Shirzad, @Coinbase Chief Policy Officer.
Don’t miss our Twitter Spaces tomorrow at 12pm ET on how crypto has been an essential lifeline for Ukraine. Hosted by our Chief Policy Officer @faryarshirzad, we will be joined by @abornyakov, Ukraine Deputy Minister for Digital Transformation.https://t.co/RyhZnUssry
— Coinbase (@coinbase) March 6, 2023
Bornyakov addressed a couple of questions concerning using cryptocurrencies during this war. He noted that Ukraine raised at least $60 million in crypto following the invasion. The amount was raised in just the first few weeks of the attack.
He noted that, at the very start, many governments and allies speculated that the country would fall in just 96 hours.
As such, most of the donations during the early period came in the form of crypto assets. Bornyakov also noted that the crypto winters immediately took charge, significantly decreasing the number of cryptos donated.
When asked whether they were transparent with the crypto garnered, Bornyakov noted that the blockchain space offers some transparency. He highlighted that the transaction details were available on the blockchain.
However, Bornyakov stressed that some extra information concerning the shops they bought ammunition from remains private.
Another question arose concerning whether other governments talk to Ukraine about crypto and implementation. Bornyakov noted that they discussed ways to improve crypto implementation with several regulators from different countries. Both Ukraine and its allies are sharing info on the crypto space.
Crypto in daily Ukrainian life
Bornyakov also highlighted that crypto was quite common in daily lives in the early days of the invasion— to date, many people still use crypto.
He, however, mentioned that the country’s apex bank restricted crypto transactions for security reasons. The restrictions imposed mean that it is not connected to the banking system.
Bornyakov also noted that the country would likely continue with the pre-war crypto push after the war. They had plans for CBDC tests and tried out different chains, including Stellar.
So, once the war ends, Ukraine will resume its crypto moves.
