Ukraine’s government has said it will sell non-fungible tokens (NFTs) to fund its military as they defend the country against Russia’s invasion.
The announcement by deputy prime minister Mykhailo Fedorov comes the same week that the country raised more than $265 million from the sale of war bonds. The Government of Ukraine is also in talks with the International Monetary Fund (IMF) and World Bank over emergency help.
In a Tweet, Mr Fedorov said the NFTs will be launched “soon.” However, there were no plans to sell fungible tokens, of which cryptocurrencies are a prime example, he added.
NFTs are unique assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.
The digital tokens can be thought of as certificates of ownership for virtual or physical assets.
The announcement is the latest sign that the Ukrainian government is embracing digital coins and tokens as it looks for new ways to raise money to pay for its military.
Millions of dollars have been given to the Ukrainian war effort through anonymous Bitcoin (BTC) donations, according to cryptocurrency exchanges.
The official Twitter account of the Ukraine government posted a message: “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.” The Ukraine government has posted addresses for two cryptocurrency wallets that collected $5.4 million in Bitcoin, Ethereum (ETH) and other coins within eight hours.
