Ukrainian govt adopts Bitcoin as Nigerians, others lose accounts to Russian war

Ukrainian citizens are depending on cryptocurrency for financial transactions as many of the displaced residents, including Nigerians cannot access their accounts.

The United Nations said on Sunday at least 150,000 persons had fled Ukraine following last week’s invasion of the country by Russia, with many losing their accounts and credit cards.

In order to survive the financial crisis caused by the war, the refugees and the Ukrainian government are turning to Bitcoin and Ethereum for goods and services.

In a tweet on Saturday, the Ukrainian government said: “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.”

READ ALSO: Bitcoin crashes as investors favour Gold amid Russia, Ukraine war

Since the announcement, the government has raised $4.9 million in cryptocurrency, with ethereum accounting for close to $3 million in donations and Bitcoin inching closer to $1million.

The co-founder of Ethereum, Vitalik Buterin, and FTX chief executive, Sam Bankman-Fried, have been offering their support to the Ukrainians with the end of the war not in sight.

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