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AP National Business

Crypto aid for Ukraine: innovation or just a sideshow?

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KMIZ

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Published 8:00 AM

By THALIA BEATY
Associated Press

NEW YORK (AP) — People around the world have donated millions of dollars directly to Ukraine’s war effort via cryptocurrencies such as bitcoin. Ukrainian officials began tweeting calls for cryptocurrency donations on Feb. 26. Since then, the government says it has taken in donations worth more than $60 million. Proponents have hailed the operation as a demonstration of cryptocurrency’s advantages over traditional finance. But the funds raised in cryptocurrency are dwarfed by donations pledged and delivered by governments or international organizations. For example, Congress approved $13.6 billion for Ukraine and President Joe Biden promised another $800 million in military aid after Ukrainian President Volodymyr Zelenskyy addressed Congress on March 16.

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