The co-founder of Near protocol and Ukrainian-born entrepreneur of cryptocurrency IlliaPolosukhin explains in detail how cryptocurrency has turned into a vital tool of support for Ukraine’s combat forces.
IlliaPolosukhin who is the Near Protocol co-founder stated that the cryptocurrency is becoming the biggest and main driving factor of humanitarian support as well as some of the army support of Ukraine.
The crypto entrepreneur Polosukhin was born and bred in the Ukrainian city of Kharkiv has been on the front lines of the cryptocurrency fundraiser efforts aiming to support the Ukrainian resistance forces against the Russian military operation.
Polosukhin along with many other Ukraine cryptocurrency businessmen start creating the Unchain Fund, immediately after the Russian offensive on Ukraine which has managed to collect around $7 million in cryptocurrency donations until now. It is one of the many cryptocurrency funding’s which at present are helping the Ukraine government, and just in a few weeks able to raise a total of more than $100 million crypto assets.
As highlighted by Polosukhin that the boundary-less properties and speedy transaction ability of cryptocurrencies have proven to be exceptionally beneficial in these times of emergency circumstances.
Polosukhin described how a complete system could be created, a full system of NGO in just a few days. Rather than taking months in creating a new nonprofit organization by setting up its bank accounts, arranging all the legal requirements, and also making sure that the public could wire their funds through it without facing any issues.
The donations received in the form of cryptocurrency in the Unchain Fund are easily changed into local fiat currencies via local crypto exchanges which are still working in the country.
After converting the cryptocurrencies into fiat currencies, the volunteers of the Unchain Fund are buying the necessary items and also delivering them to the citizens who were forced to abandon their homes or who are left in the war zone.
VolodimirZelesnksy the president of Ukraine has passed a law at the beginning of this month for the establishment of the crypto regulatory framework in his country. The President believes that the emergency demonstrated the use of cryptocurrency in the situation of crises and resulted in boosting the adoption of cryptocurrency in the country.