How “crypto-resistance” is organized in Ukraine

• Since the first hours of the entry of Russian tanks into Ukraine, calls for cryptocurrency donations have been launched by the Ukrainian government.

• More than 100 million dollars have been raised in cryptocurrencies by the government or by the “Crypto Fund for Ukraine”.

• NFTs have also raised large sums, such as the Ukrainian flag NFT or the cryptopunk donation worth around $200,000.

Cryptos have become essential in the financing of the Ukrainian resistance.

Since the first hours of the entry of Russian tanks into Ukraine, calls for cryptocurrency donations have been launched by the Ukrainian government.

NFTs – non-fungible tokens that allow any virtual item to be resold with a certificate of authenticity listed on the blockchain – have also raised large sums to aid the resistance.

Last week, Ukrainian President Volodymyr Zelensky even endorsed a law approved last month by the Ukrainian parliament that legalizes the cryptocurrency industry in the country.

The project "creates the conditions for the launch of a legal market for virtual assets in Ukraine", specifies an article by The Verge published on Thursday.

An unprecedented "crypto-resistance" is organized in the country.

Back in four questions on the role of cryptos in the conflict.

How did the Ukrainian government facilitate crypto donations?

Since the first hours of the conflict, calls for cryptocurrency donations have been made by several Ukrainian government Twitter accounts, including account@ukraine, opening addresses and crypto-wallets (digital wallets) to receive these decentralized currencies directly.

Anyone with cryptocurrency can send money almost instantly.

In addition to the two most important cryptocurrencies (bitcoin and ethereum), the price of tether, a "stablecoin" (stable currency) which is backed by the dollar, has the merit of not undergoing the same variations as other virtual currencies.

By using these stablecoins, donors avoid fluctuations in the foreign exchange market.

According to AFP, more than $100 million has been raised in cryptocurrencies by the government or by the Crypto Fund for Ukraine, created by the main Ukrainian platform of the Kuna sector and since merged with the government fund.

What is the interest of cryptos in this context?

Bitcoin may present itself as a safe haven for some, even if its volatility can qualify this idea.

Ukrainians have turned to cryptocurrencies to protect themselves against the decline of their currency, the local hryvnia.

If for the moment, the Ukrainian central bank has managed to stop the collapse of its course, the consequences of the invasion are likely to make it lose its value.

Above all, cryptocurrency donations have the advantage of being almost immediate, unlike banking transactions which can take up to 24 hours to be validated between two countries.

Crypto transactions usually take less than an hour.

And NFTs in all this?

NFTs have also raised a lot of money.

A cryptopunk, those famous little pixelated characters looking straight out of the 1990s, was sent to the Ethereum address of the Ukrainian government.

Cryptopunks, created in 10,000 unique copies by Larva Labs, generated the largest volume of transactions in 2021. In early March, a cryptopunk, cap backwards, sunglasses and cigarette in beak, valued at around 200,000 dollars, has therefore been paid directly to the Ukrainian government.

Other initiatives of this kind have made it possible to raise significant sums.

The Ukrainian Flag NFT has raised over $6.7 million for the Ukrainian resistance.

Organized by UkraineDAO, the sale was launched by Pussy Riot activist Nadya Tolokonnikova.

Are there any French initiatives?

France has also multiplied crypto initiatives to help Ukraine.

In early March, the

podcast premiered NFTs of one of its shows on the Uncut.fm platform.

Eighty NFTs, at $50 each, were paid directly to Ukraine.

On the same model, the podcast

has just put on sale 50 NFTs worth 60 euros from its episode

.

All money will be donated in ether directly to the Ukrainian government's digital wallet.

No need to know anything about cryptos, a simple credit card will do, the rest is managed by the platform.

For its part, the Delph platform launched, in partnership with the association Aide Médicale & Charitative France-Ukraine, an edition of 1,000 NFTs of a visual of the Eiffel Tower with the Ukrainian flag in the background.

Donations will help Ukraine in the care of war wounded: ambulances, stretchers, first aid kits, IFAK kits, tourniquets (CAT), haemostatic bandages, BIG intraosseous injector, pneumothorax dressings, all types bandages for the care of the wounded… We are far from the 6 million dollars of the NFT of the Ukrainian flag, but the idea is there.

And if you were wondering what these digital tokens could be used for, now you are set.

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