Russia's and Ukraine's flags are seen printed on paper in this illustration taken January 27, 2022.
Russia's and Ukraine's flags are seen printed on paper in this illustration taken January 27, 2022. Reuters / DADO RUVIC

KEY POINTS

  • Ukrainian government started accepting donations from across the world 
  • Many NGOs are also accepting donations, including in crypto
  • Crypto donations became a debated topic on Twitter

Even as Ukraine sought financial assistance to counter a full-blown Russian invasion that started Thursday, crypto investors were left wondering how to pitch in with donations.

The Ukrainian government has published a list of designated bank accounts for foreign currency wire transfers to support its armed forces. Crypto enthusiasts flocked to the Ukrainian government's Twitter account demanding the address of a crypto wallet so that they could send in cryptocurrencies to support Ukraine's cause.

Ukraine's Ministry of Defense said cryptocurrencies such as Bitcoin and electronic money transfers via PayPal and Venmo are not permitted by national legislation, leaving only non-governmental groups to collect crypto donations. This piqued the interests of the crypto community on Twitter who wished to support Ukraine's armed forces during this time of crisis.

Twitter users started demanding crypto wallet addresses, highlighting their benefits over other mediums of payment.

People also started suggesting ways in which crypto donations could be accepted. One user suggested using a QR code similar to the Coinbase Super-Bowl commercial.

However, there was a section of Twitter users who were against donating cryptocurrencies for supporting Ukraine. They blamed the fluctuating value of cryptocurrencies.

To this, a user replied that donations in stablecoins would help the nation.

However, Bitcoin donations are accepted by the nongovernmental Ukrainian organizations, like Come Back Alive, with proceeds going to the Ukrainian Army.

Come Back Alive has received over 4 million dollars worth of crypto in donations from all over the world to support Ukraine's efforts against the Russian invasion. The NGO received almost $400,000 worth of crypto on Wednesday and a single donation of a whopping 3 million dollars on Thursday.

Furthermore, the FTX exchange donated $25 to each Ukrainian on the exchange as announced in a tweet by the founder of the exchange.