In most cases, governments get their hands on Bitcoin ($BTC) by confiscating assets from unscrupulous companies. However, Ukraine got its mostly in the form of donations aimed at helping a country embroiled in a military conflict.
In addition to Bitcoin, Ukraine accepted donations in other cryptocurrencies, including USDT, DAI, Ethereum, Dogecoin, and other coins, as well as non-fungible tokens. Chainalysis found that by early 2023, the country had received more than $70 million (at the exchange rate of February 2023). Of this amount, about 80% was received in the first few months of the conflict.
According to Crystal Blockchain, the total amount of donations, including to accounts of non-profit organizations and charitable foundations, exceeded $200 million as of July. At the same time, the company's analysts also note that the largest increase in aid was recorded in March 2022.
In 2022, Ukraine partially legalized cryptocurrency to simplify cryptocurrency donations for military purposes. However, the National Bank of Ukraine (NBU) does not consider cryptocurrency as a legal means of payment. This was reported by the head of the regulator Andriy Pyshnyy in an interview for Interfax-Ukraine.
According to the Chairman of the Verkhovna Rada Committee on Finance Danylo Getmantsev, the draft law on cryptocurrencies is being finalized and may be adopted in the first half of 2025. It will create transparent rules for taxation and regulation of the virtual asset market.
