As the Russian invasion of Ukraine continues, people from all over the world were able to donate over $52 million in Bitcoin (BTC) and other virtual currencies. This comes as Ukraine’s banking systems have been offering downgraded services to clients and as Russia has been disconnected from the SWIFT network. 

Bitcoin and Crypto Donations to Ukraine Surpass $50 Million

People continue to show their support for Ukraine as they have donated over $52 million in digital currencies to fight against Russia. Thanks to the decentralized nature of virtual currencies, people are able to support the Ukrainian forces fighting against Russia. 

On February 24th, 2022, Russia launched an attack on Ukraine uncovered as a “peace operation.” However, since the attack on Ukraine’s sovereignty started, more than 4,000 soldiers have been killed with hundreds of civilians being affected as well. 

It is worth taking into consideration that the whole financial community has been imposing sanctions on Russia, including the disconnection of Russian banks and financial system from the SWIFT network. Furthermore, different countries have also been increasing the sanctions to trade with Russia. Czech Republic, for example, forbade the sale of beer to Russia just a few days ago. 

Additionally, people from all over the world have been donating digital currencies to Ukrainian forces in order to fight against Russian invaders. Mykhailo Fedorov, Vice Prime Minister of Ukraine, has been in charge of handling these donations that have arrived at Ukraine’s cryptocurrency wallets. 

They are not only accepting Bitcoin but they are also receiving Ethereum donations, USDT (on top of Ethereum) and even Dogecoin (DOGE). The decentralized nature of virtual currencies is making the whole process even easier for individuals that want to donate from anywhere around the world. 

Let’s not forget that some companies have also imposed some restrictions to trade with Ukraine, which makes it more difficult for traditional financial solutions to properly work on Ukrainian soil. After the war started, countries such as Poland have been offering shelter, food and other goods to Ukrainian civilians that have been crossing the border searching for a more peaceful place. 

According to some figures and estimations, there could be as much as 1 million Ukrainian refugees that have fled the country in a matter of days. The numbers could continue to grow in the future, this is why cryptocurrency donations could make the difference. It is clear that winning a war against Russia seems difficult, but all the world is aligned behind Ukraine and its sovereignty.