Ukraine will sell NFTs to finance its army

Ukraine plans to be the first developed country to issue its own collection of non-fungible tokens (NFTs), capitalizing on incoming cryptocurrency donations to bolster its defense against Russia, the Financial Times reported.

Mykhailo Fedorov, the Deputy Prime Minister, announced this plan in a tweet on Thursday March 3. He said Kyiv would soon reveal more details about NFTs.

The Ukrainian government has increasingly embraced digital coins to help fund warfare, including the armed forces in the field. The country recently raised more than $270 million in “war bonds”.

FT reported that the Ukrainian government has already planned to reward crypto donors with an airdrop, meaning a free transfer of a digital asset, which would encourage people to donate. But that was canceled on Thursday, according to Fedorov – he wanted to switch to NFTs instead.

The Ukrainian Twitter account has called for crypto donations and publicly posted addresses people can transfer to, using bitcoin, ethereum, solana and polkadot.

A total of $50 million was given to the government, the report noted.

Read more: Central Bank of Ukraine reports ‘smooth operation’

PYMNTS wrote recently that Ukraine said its banking system remained strong even during the invasion, according to Kyrylo Shevchenko, governor of the bank.

He said the bank had about $15 billion in international funding to back it up.

“The National Bank is doing everything necessary to ensure the continuity of cash and cash payments and the smooth functioning of the state banking system under martial law,” Shevchenko told a briefing.

The comments came as Russian forces struck several key towns around Ukraine.

The US and UK, along with other Western powers, responded with a financial war, imposing extreme sanctions that caused the Russian ruble to collapse.



On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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