Exclusive: How the Ukrainian Crypto Fundraising Started, How It's Going, and What's Next
Prior to the war, the Ukrainian government had been carefully crafting a light-touch regulatory framework aimed at promoting and fostering the crypto sector.
But the war has had an unexpected effect on crypto and government in the war-ravaged nation. It has essentially turbo-charged certain adoption policies, while crypto has also proven to be a powerful tool in one key regard: Helping the government gain quick access to international aid funds.
For one of the people originally charged with masterminding the creation of a regulatory infrastructure capable of turning Ukraine into a forward-thinking bastion of crypto-powered progress, crypto-powered fundraising has now become an essential part of the war effort.
The country’s Deputy Minister of Digital Transformation and the Leader of the Diia City project Oleksandr Bornyakov told Cryptonews.com about how the government turned to crypto to help power Ukraine’s fightback against Russian aggression – and how it could help form a post-conflict future for the nation.
Cryptonews.com: How did the government go about developing its crypto fundraising strategy?
Oleksandr Bornyakov: Mykhailo Fedorov, the Minister of Digital Transformation, was behind the idea of creating the Crypto Fund of Ukraine. We implemented and set up the Crypto Fund in partnership with the Kyiv-based crypto exchange Kuna, which provided us with the tech infrastructure we needed and facilitated us with transfer operations.
For crypto donations, there are wallet addresses that were generated by Kuna and created two days after the start of the war. Later, alongside the crypto exchange FTX and Ukrainian staking platform Everstake (which is also the biggest decentralized staking provider in the blockchain industry) we
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