Ministry of Digital Transformation: 60% of military equipment suppliers accept cryptocurrency

Using cryptocurrencies for donations and purchases is not a new concept. However, the ongoing war between Ukraine and Russia has revealed the benefits of using digital currencies for military aid.

When Russia launched a full-scale invasion of Ukraine in February 2022, the Ukrainian government took to social media to ask for donations in bitcoin, ethereum, stablecoin, and other types of cryptocurrencies.

The response was overwhelming: more than 100,000 people around the world contributed to help the Ukrainian military.

The use of cryptocurrencies for military aid is not limited to donations. According to Oleksandr Bornyakov, Deputy Minister of Digital Technologies of Ukraine, the country uses cryptocurrency to purchase essentials such as helmets, body armor, scopes, and other combat equipment.

One of the advantages of using digital currencies for these purchases is the speed with which they can be made. Traditional financial systems would take too long, and the Ukrainian military often needs immediate assistance.

Borniakov emphasized: «We were able to ensure the purchase of vital goods using cryptocurrency in the shortest possible time, and what is impressive is that about 60% of suppliers were able to accept cryptocurrency, I did not expect this.»