HomeBitcoin NewsUkraine Drops Proposed Airdrop Plans

Ukraine Drops Proposed Airdrop Plans

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Following final week’s Russian incursion, Ukraine’s authorities shortly canceled its deliberate crypto airdrop and stated that it will as a substitute promote NFTs to lift income.

“After cautious consideration, we determined to cancel airdrop,” Mykhailo Fedorov, Ukraine’s minister for digital transformation, posted from his verified Twitter account right this moment. “As an alternative, we’ll announce NFTs to assist Ukrainian Armed Forces quickly. We DO NOT HAVE any plans to difficulty any fungible tokens.”

Crypto donations pour in for Ukraine

That is the most recent in a protracted line of cryptocurrency-related fundraising initiatives on behalf of the Ukrainian authorities within the aftermath of Russia’s invasion.

The Ukrainian authorities’s official Twitter account has beforehand disseminated data on the nation’s bitcoin donations.

Since yesterday, official updates have been relocated from the Ukrainian authorities’s Twitter account to that of Vice Prime Minister Fedorov.

Scammers have beforehand appeared to be concentrating on Ukraine’s fundraising efforts by releasing a phony token that seemed to be genuine. This cryptocurrency was introduced as official by information shops, and it shortly acquired appreciable buying and selling exercise on decentralized markets.

Nonetheless, there have been different purple flags, together with how the token was designed to seem as if it was issued from Ukraine’s public Ethereum deal with when a 3rd occasion really issued it.

Whereas the airdrop is not going down, it was an efficient advertising and marketing device by way of attracting extra donations. Following the announcement of the airdrop, contributions to Ukraine skyrocketed in anticipation of a future token, with thousands and thousands of {dollars} pouring into the nation’s coffers.

In keeping with Fedorov’s most up-to-date Telegram report, the Ukrainian authorities has obtained roughly $30 million because it started accumulating crypto donations final Friday. The federal government has used quite a lot of cryptocurrencies to lift funds, together with bitcoin (BTC), ether (ETH), and Polkadot’s DOT.

Corporations and governments have used airdrops previously to encourage widespread adoption exterior of the non-public sector. Final yr, El Salvador gave its residents $30 in Bitcoin as a prize for utilizing the government-sponsored Chivo pockets. The choice was made as a part of the nation’s acceptance of Bitcoin as authorized money, which has been marred by controversy.

Whereas later contributors won’t obtain the anticipated token, they may have the ability to boast {that a} sovereign state has challenged them.

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