Wednesday, October 5, 2022

Ukrainian NGOs Are Receiving Donations in the Form Crypto

War cries from Ukrainians have seen the rise of NGOs who serve as donation collectors for the distraught country. The Return Alive Foundation is one of such NGOs that receive crypto as donations and has maintained a closely knitted relationship with the Ukraine government to curb the effect of the ongoing war.

The Russia-Ukraine war has hit the world strongly even though it was anticipated seeing the number of resources being gathered by the individual countries. As a way of equipping soldiers for the looming battle, non-governmental organizations have been massing resources ranging from food supplies to funds to purchase equipment.

The Return Alive Foundation reaches out to Ukrainians on the war front, in hospitals, media, training grounds, and even offices. The core target of the NGO is to disseminate war information firsthand while deterring unnecessary publicity and misinformation.

Crypto donations are fully accepted by recipients, especially with the new legalization structures. Although the actively accepted digital currency at the time of this writing is Bitcoin (BTC), other coins might be acceptable in the long run. 

Previous reports have shown that some Ukrainian groups received cryptocurrencies worth about $550,000 last year. Crypto recognition is fast becoming a global phenomenon as it is now being used for crowdfunding even for anonymous donations.

Crypto Can be a Useful Tool, But Not to Encourage War

With Ukraine Parliament, Verkhovna Rada legally adopting the use of crypto in its economy, although not as a legal tender, the country has placed its economy in a vantage position to receive donations in whatever forms. It is now at par with its core opposition, Russia when it concerns crypto adoption.

Russia had previously chosen the path to legalize crypto and is even testing its central bank digital currency (CBDC), Digital Ruble. The government of Russia along with other major financial stakeholders in the country drafted out structures and strategies to improve users’ rights, especially investors.

Notably, is the drastic plummeting of BTC amidst this conflict. The market capitalization of all digital currencies is down by 9.64% and has been capped at $1.58 trillion. The global instability of the financial ecosystem has caused an uproar and cryptocurrencies are experiencing a dump amongst investors.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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