The morning of Russia’s invasion of his country, Fadey, a 20-year-old Ukrainian, decided to flee to Poland with his USB key as his only wallet. The latter indeed contained around €1,800 in Bitcoin, or almost half of his savings. Since then, Ukraine has fully equalized cryptocurrencies to revive the economy and help the population.
Among the many donations made to Ukraine — we remind you to pay attention to the multiple scams taking advantage of the situation — a large part is made in cryptocurrency. Indeed, Bitcoin, Ether and other digital currencies have gradually established themselves in the country following its invasion by Russia. While President Volodymyr Zelensky has since legalized all cryptocurrencies in the territory, today there are almost 83 million euros paid to the public in this form.
In this way, many Ukrainians were able to flee their country by digitizing their savings. This is particularly the case of Fadey, a young man of 20 who now lives in Poland. The morning of the invasion, he instantly decides to leave Ukraine. Problem, banks and distributors are beset by frightened Ukrainians. “I couldn’t withdraw any money at all, because the queues at the ATMs were so long, and I couldn’t wait that long”explains Fadey.
Related: Bitcoin Price Surges Above $40,000 Following Ukraine Trades
A Ukrainian flees with a simple USB key as a wallet
Unlike others, Fadey was lucky. He always had in his possession a USB key containing approximately 1800 € in Bitcoin, or 40% of his savings. That’s all he needed to go to Poland and survive there. It must be said that the solution has some advantages, in particular that ofavoid having your money stolen. Fadey is indeed the only one who knows the password of his crypto wallet
The time saving is also considerable, thus avoiding the Ukrainian having to go to the bank to withdraw his funds. Although he was unable to recover all of his savings, this emergency cash allowed him to quickly flee the country, where others have not had such luck. The Ukrainian government, on the other hand, has understood the interest of cryptocurrencies in times of war. Since the invasion of Russia, crypto transactions have increased by 200% in the territory.
Source: CNBC
