“Cryptocurrency has become the biggest driver of humanitarian aid as well as some military aid to Ukraine,” said Ilya Polosukhin, co-founder of Near Protocol.

Bolosukhin, who was born and raised in Kharkiv, Ukraine, led a cryptocurrency group to support Ukraine in the face of Russian advances.

Immediately after the start of Russia’s attack on Ukraine on February 24, Polosukhin and other Ukrainian crypto entrepreneurs created the Unchain Fund, which has raised nearly $7 million in cryptocurrency donations so far. It is just one of the many cryptocurrencies currently backed by the Ukrainian government, having raised over $100 million in just a few weeks.

As Polosukhin points out, the limitless nature and speed of cryptocurrencies are proving to be very helpful in this emergency.

“You can build a whole system, an NGO system, in a few days. Instead of the months it would take to set up a new non-profit organization, open bank accounts, set up the entire legal structure and ensure that people can transfer money into it without any problems.”

After accessing the Unchain Fund, crypto donations are converted into local fiat currency through local crypto exchanges that are still active in the country.

As soon as the cryptocurrency is converted into fiat currency, Unchain Fund volunteers on the ground in Ukraine buy the necessary goods and distribute them to civilians stuck in the conflict zone or forced to leave their homes.

Earlier this month, President of Ukraine Volodymyr Zelensky signed into law a law establishing a regulatory framework for cryptocurrencies in the country. Polosukhin believes that the crisis has demonstrated the usefulness of cryptocurrencies in emergency situations and will lead to an increase in the adoption of cryptocurrencies in Ukraine.

“I believe that cryptocurrency will become the main driver of the future development of Ukraine,” he said.

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Source: CoinTelegraph

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