As of 11:50 GMT on March 11, Ukraine has received more than $100 million in cryptocurrency donations. Among them, the official address of the Ukrainian government has accumulated about $48.55 million in cryptocurrency.

Eleven days have passed since February 26, 2022, at 11:00 pm, when Mykhailo Fedorov, Deputy Prime Minister and Minister of Digital Transformation of Ukraine, tweeted that Ukraine accepts cryptocurrency donations from the outside world and disclosed the BTC, ETH, and USDT addresses available for donations.

After the call for donations was issued, the cryptocurrency world, from ordinary investors to cryptocurrency giants, responded positively to express their support for Ukraine. ftx, ethereum, boca, wavefield, coinan, uniswap and others have all spoken out in response, with boca and wavefield even hoping to exchange the promise of more donations for Ukraine releasing its own wallet address.

So far, Ukraine has added Polka and DOGE donation addresses in addition to the original three receiving wallet addresses, and has said it will continue to expand to other cryptocurrencies.

The war crisis has collapsed the traditional financial system, and the search for a new financial system led by cryptocurrencies is a strategy to maintain the stability of the Ukrainian economy.

As early as September 2021, the Ukrainian Parliament submitted a proposal for the legalization of cryptocurrencies, which was rejected by President Volodymyr Zelensky on the grounds that "Ukraine does not have the appropriate infrastructure in place", but it paved the way for the legalization of cryptocurrencies in Ukraine in advance.

With 44 million inhabitants, of which more than 5 million are cryptocurrency investors, representing more than 11% of the country's total population, recognizing the legal status of cryptocurrency assets would not only make it easier and safer for Ukrainians to access the virtual asset market, but also attract tech companies in the cryptocurrency space to Ukraine.

Both supported by the domestic market and influenced by the severe external situation, finally, on February 17, 2022, the Ukrainian Parliament passed a bill recognizing the legal status of cryptocurrencies with a very high turnout.

And immediately afterwards, on February 24, the Central Bank of Ukraine suspended electronic cash transfers and ATMs became inaccessible, which meant that millions of Ukrainian citizens were unable to access the funds necessary for their basic needs and cash difficulties needed to be addressed.

A Ukrainian man tweeted that his credit cards are no longer working and that the assets stored in his Ukrainian bank account after struggling for half his life have gone with the wind, leaving him now with only some cryptocurrency on hand to secure basic living. The Danish journalist who traveled to Ukraine to report also tweeted that cash was scarce in Ukraine and that he had no choice but to buy a Mazda 3 car for 0.059 bitcoins.

Amidst such chaos, cryptocurrencies have become an important Medium in the Ukrainian market to support commodity trading, and its currency legalization bill has brought tens of thousands of donations to the Ukrainian government in response to its conflict with Russia, while safeguarding the basic means of subsistence for civilians.

Ukraine under fire: Cryptocurrencies to support

Ukraine's Deputy Prime Minister Mykhailo Fedorov informed the public on Thursday that the country has decided to cancel the cryptocurrency donation airdrop announced on Tuesday and now plans to raise more funds through the sale of NFT.

"After careful consideration, we have decided to cancel the airdrop. Instead, we will soon announce NFT in support of the Ukrainian Armed Forces. We do not have any plans to issue any replaceable tokens." Fedorov announced on his Twitter account.

Ahead of the Ukrainian government's airdrop set to begin at 6 p.m. Kiev time on Thursday, March 10, the cryptocurrency airdrop program took an unexpected turn on Wednesday when scammers began targeting fundraising events in Ukraine by creating a fake token that looked like an official one. Scammers created a fake token and made it look like an official airdrop token for cryptocurrency donors.

The fake airdrop started almost an hour before the officially announced time, but Etherscan eventually flagged it as fake. A few hours later, Fedorov announced that Ukraine had cancelled the cryptocurrency airdrop program and now plans to use NFT to support the country's armed forces.

On March 8, Ukrainian boxing sensation Wladimir Klitschko plans to release the NFT to raise funds to support the war effort in Ukraine, with the money raised going to the Ukrainian Red Cross and UNICEF.

In addition to sports athletes, Ukrainian media outlets Ukrainska Pravda, Novoye Vremya and Hromadske are planning to launch NFT to raise $1 million, which will flow directly to the media itself to support coverage in the war.

Ukraine under fire: Cryptocurrencies to support

Ukraine's Deputy Minister of Digital Transformation Alexander Bornyakov has also stated that the Ukrainian cryptocurrency industry has grown fourfold in 2021, far more than any other sector of the economy, and is a strong driver of Ukraine's digital economy, while Ukraine, with its friendly policy environment, also has a broad "mass base", with the number of cryptocurrency users in the top five in the world, and the New York Times has even reported that the daily trading volume of Ukrainian cryptocurrencies far exceeds that of its legal tender, the hryvnia.

Ukraine is a regime that has legitimacy for the West, and the war has brought it widespread sympathy from the Western public. Ukraine's use of cryptocurrencies for international fundraising helps demonstrate the advantages of blockchain over traditional currencies in terms of fast settlement and resilient transaction processing. While the cryptocurrency funds raised in Ukraine are minuscule compared to those from traditional financial channels, it puts blockchain on the world map as a legitimate challenger to the traditional banking track.