Ukrainian President Volodymyr Zelensky legalized cryptocurrencies, signing the law on virtual assets. The decision came as Ukraine began accepting cryptocurrency donations from individuals and groups hoping to aid the country's war effort against Russia.
Mikhail Fedorov, Ukraine's Deputy Prime Minister and Minister of Digital Transformation, previously stated that he would: "bring the crypto sector out of the shadows." With the invasion of this country beginning, that turned out to be an even better idea.
Cryptocurrencies have become a powerful tool for attracting additional funds to support the armed forces of Ukraine. In more than three weeks of war, the Crypto Fund of Ukraine has collected more than $54 million in cryptocurrencies. And some sources claim that the government has received as much as $100 million in crypto donations.
This financial instrument plays a significant role in the war between Russia and Ukraine. Ukrainians are also buying crypto-assets in increasing numbers, with trading on the domestic stock market increasing by 200% since the invasion.
Swapping virtual assets for regular (fiat) is still often necessary and difficult, but legal recognition of the crypto sector should help alleviate these problems.
Impact on cryptocurrencies
The global market capitalization of cryptocurrencies rose to $1,82 trillion, an increase of 1,42% in the 24 hours since the action of the President of Ukraine. Total cryptocurrency trading volume jumped 23% to $100,11 billion, according to data from Coinmarketcap.
Bitcoin, the largest cryptocurrency by market value, traded at $41.124,58, up 0,69%, bringing its seven-day gain to 0,8%. Ethereum rose 2,9% in 24 hours to $2.769. The second-largest cryptocurrency by market cap is up 3,9% over the past week.
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