Ukraine War: Ukrainian Government May Sell NFTs to Fund War Against Russia

Ukraine raised more than £200m through the sale of war bonds in the same week that Deputy Prime Minister Mykhailo Fedorov announced the decision.

The bonds are one of many ways Ukraine raises money.

Meanwhile, the Ukrainian government is still negotiating emergency aid with the International Monetary Fund (IMF) and the World Bank.

Fedorov tweeted that these NFTs will be released “soon.”

However, he added that there are currently no plans to sell NFTs.

NFTs are "unique" assets in the digital world that can be bought and sold like any other asset, but have no tangible form of their own.

These digital tokens can be considered certificates of ownership of virtual or physical assets.

The announcement is the latest sign that the Ukrainian government is embracing digital assets as it seeks new ways to raise funds for its military.

Ukraine raised 8.1 billion hryvnias (£202 million; $270 million) through a war bond auction last Tuesday.

Each one-year bond has a nominal value of 1,000 UAH and an interest rate of 11%.

"The bond proceeds will be used to support the needs of the Ukrainian Armed Forces," Ukraine's finance ministry said.

Last week, the World Bank and the International Monetary Fund said they were working on a multibillion-dollar package for Ukraine in the coming months.

Meanwhile, the Ukrainian government has received millions of dollars in donations through anonymous bitcoin donations, according to cryptocurrency analysts.

On Saturday, the Ukrainian government’s official Twitter account posted a message: “Stand with the people of Ukraine. Cryptocurrency donations are now accepted. Bitcoin, Ethereum and USDT.”

Official Twitter of the Ukrainian government has published the addresses of two cryptocurrency wallets that collected $5.4 million (£4 million) in bitcoin, ether and other cryptocurrencies within eight hours.

Source: https://www.bbc.com/news/business-60613613