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Friday, March 31, 2023

Ukraine Government Set to Sell NFTs to Fund Defence

Ukraine’s government has announced that it would issue non-fungible tokens (NFTs) to pay the country’s military while it fights the Russian invasion.

Mykhailo Fedorov, the country’s deputy prime minister, made the statement the same week that the country raised more than £200 million via the sale of war bonds.

Ukraine is raising finances in a variety of methods, including through bonds.

The administration is also in negotiations with the World Bank and the International Monetary Fund (IMF) for emergency assistance.

Mr Fedorov stated in a tweet that the NFTs will be released “soon.”

He stressed, though, that there were no intentions to offer 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 ownership certificates for virtual or actual goods.

The statement is the latest example of the Ukrainian government’s embrace of digital assets as it seeks new methods to fund its military.

Ukraine raised 8.1 billion hryvnia ($270 million) during a war bond sale on Tuesday.

Each one-year bond had a face value of 1,000 Ukrainian hryvnias and an interest rate of 11%.

“The earnings from the bonds will be utilized to address the demands of the Armed Forces of Ukraine,” the country’s finance minister stated.

The World Bank and the International Monetary Fund 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 Ukrainian government’s official Twitter account sent the following message: “Join hands with the Ukrainian people. Donations in cryptocurrencies are now accepted. Bitcoin, Ethereum, and USDT are all digital currencies.”

It published addresses for two cryptocurrency wallets that received $5.4 million (£4 million) in Bitcoin, Ether, and other currencies in less than eight hours.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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