Ukraine’s Deputy Prime Minister and Minister for Digital Transformation, Mikhail Fedorov, last week promised to issue non-fungible tokens (NFTs) that would enable the country to raise more funds to support its armed forces in the ongoing war effort. Alex Borniakov, Ukraine’s Deputy Minister for Digital Transformation in the development of the IT industry, has now said that the country will display industries representing the news of war with Russia and sell them as NFT. Borniakov tweeted last week that the funds raised through crypto had helped the country buy thousands of bulletproof vests, packed lunches, medicine and other supplies for the armed forces.
According to a statement from Borniakov to The Guardian, the country is preparing an NFT collection that will be “like a museum of the Russian-Ukrainian war. We want to tell the world in NFT format.” Borniakov says each NFT in the collection will shelter a part of the industry that tells a story from a trusted news source. “We want it to be cool, handsome and take time,” he added.
The Ukrainian government announced an NFT project on March 3 after canceling the airdrop for those who donated crypto to the government. “We will soon announce the NFT to support the armed forces of Ukraine,” Mikhail Fedorov said in a statement. TweetWith no further details of the project.
NFTs have become increasingly popular over the past year, but the Ukrainian government has received overwhelming support from the cryptocurrency community and is now gaining a unique advantage as it has donated more than $ 76 million (approximately Rs. 580 crore) to various cryptocurrencies. Every blockchain security agency is SlowMist.
One of the digital assets donated to Ukraine so far is a CryptoPunk NFT valued at $ 200,000. CryptoPunk NFTs are some of the most valuable collections, and the Ukrainian government has not yet sold them.
Although crypto activity has skyrocketed in Ukraine as people look for alternative ways to save their funds, business activity has also increased in Russia.
However, Russia has faced heavy sanctions from many countries, causing the Russian ruble to fall to an all-time low in the past two weeks, prompting Russian residents to look for alternative ways to save their wealth.
Cryptocurrency exchanges have said they will comply with the sanctions and block the accounts of authorized Russian individuals and entities. However, most of the leading exchanges, including Binance, Coinbase and Kraken, have stated that they will not impose unilateral sanctions on all Russian users without legal approval, as such a move would go against Crypto’s censorship-prevention argument.
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