Government plans to sell non-financial tokens (NFTs) to fund the battle against Russia. The country’s deputy prime minister, Mykhailo Fedorov, made the announcement the same week that the country raised over £200 million through the sale of war bonds.
Government plans to sell non-financial tokens (NFTs) to fund the battle against Russia
After careful consideration we decided to cancel airdrop. Every day there are more and more people willing to help Ukraine to fight back the agression. Instead, we will announce NFTs to support Ukrainian Armed Forces soon. We DO NOT HAVE any plans to issue any fungible tokens
— Mykhailo Fedorov (@FedorovMykhailo) March 3, 2022
Ukraine is using a variety of strategies to raise funds, including issuing bonds. The administration is also discussing emergency aid with the World Bank and the International Monetary Fund (IMF).
Mr. Fedorov stated in a tweet that the NFTs will be released “soon.”He stressed, though, that there were no intentions to sell fungible tokens, such as cryptocurrency. In the digital world, NFTs are “one-of-a-kind” assets that may be purchased and sold like any other piece of property, but have no physical form of their own.
The digital tokens might be compared to certificates of ownership for virtual or physical things. The declaration is the latest illustration of Ukraine’s embracing of digital assets as it seeks new ways to support its military.
During a war bond offering on Tuesday, Ukraine raised 8.1 billion hryvnia ($270 million). The face value of each one-year bond was 1,000 Ukrainian hryvnias, with an interest rate of 11%.
“The bond proceeds will be used to meet the demands of Ukraine’s Armed Forces,” the country’s finance minister said. The World Bank and the IMF said this week that they are working on a multibillion-dollar package for Ukraine in the coming months.
According to bitcoin researchers, millions of dollars have been donated to the Ukrainian war effort through anonymous Bitcoin donations.
On Saturday, the official Twitter account of the Ukrainian government sent the following message: “Join hands with the people of Ukraine. Cryptocurrency donations are now accepted. Digital currencies include Bitcoin, Ethereum, and USDT.”
It revealed the addresses of two cryptocurrency wallets that received $5.4 million (£4 million) in Bitcoin, Ether, and other cryptocurrencies in just eight hours.
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Also read: With the help of NFT, Pussy Riot was able to raise $6.7 million for Ukraine
