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Ukraine Plans NFT Issue to Aid Its Armed Forces

Mykhailo Fedorov, Ukraine’s deputy prime minister, announced the plan on Twitter on Thursday and said Kyiv would reveal details soon

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A child sits on a swing in front of a damaged residential building in Kyiv, Ukraine February 25, 2022. Blasts were heard before dawn on Monday in the capital Kyiv and in the northeastern city of Kharkiv, Ukrainian authorities said. But Russian ground forces' attempts to capture major urban centres had been repelled, they added. Reuters Image
A child sits on a swing in front of a damaged residential building in Kyiv. Photo: Reuters.

 

Ukraine plans to issue non-fungible tokens (NFTs) to help fund its embattled armed forces as they struggle to prevent a Russian occupation of the country, a senior minister said.

Ukraine’s deputy prime minister, Mykhailo Fedorov, announced the plan on Twitter on Thursday and said Kyiv would reveal details soon.

“Every day there are more and more people willing to help Ukraine to fight back the aggression,” he wrote. “We will announce NFTs to support Ukrainian Armed Forces soon.”

NFTs are collectible tokens uploaded to the blockchain so they cannot be replicated.

 

 

The move is the latest sign of the Ukrainian government embracing digital assets and comes after it raised more than $270 million in “war bonds”.

Ukraine has appealed for donations in cryptocurrency such as bitcoin, ethereum, solana and polkadot.

Cryptocurrencies totalling nearly $50 million have been donated, data company Elliptic said.

Ukraine had previously announced plans for an “airdrop”, a term used to describe a free transfer of a digital asset, to encourage people to donate.

But Fedorov said the plan had been changed, adding: “We DO NOT HAVE any plans to issue any fungible tokens.”

Russian activist music group Pussy Riot has raised $6.6 million for Ukraine through selling an NFT of the Ukrainian flag.

 

  • George Russell

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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