Ukraine’s Defense Ministry is in charge of deciding how cryptocurrency funds are spent

The government’s crypto fund has garnered $16.8 million in donations.

According to Michael Chobian, the founder of Ukrainian exchange Kuna, who is leading the country’s crypto push, Ukraine’s Defense Ministry is deciding on the allocation of contributed crypto cash.

Chobian commented shortly after tweeting that Ukraine’s crypto fund has collected $16.8 million in cryptocurrency from donors around the world.

Chobian stated, “14 million USD of the 16.8 million USD has already been spent.”

The spending was revealed on the same day that a Russian missile attack killed 70 Ukrainian soldiers, and satellite photographs indicated a 40-mile (64-kilometer) Russian military convoy barely 17 miles from Ukraine’s capital, Kyiv, and still coming. After delivering a video message to the European Parliament, Ukraine’s President Volodymyr Zelenskyy earned a standing ovation.

The Ukrainian government has refused to reveal where the monies are being spent “due to a level of confidentiality involved,” but has claimed that the process is transparent thanks to blockchain technology.

According to a source acquainted with the procedure, Ukraine’s Defense Minister Oleksii Reznikov is aware of how the money are being dispersed because he is the one issuing the instructions. The government will have to release more information, according to the source.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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