Ukraine’s government has announced that it will issue non-fungible tokens (NFTs). They will sell NFTs to pay the country’s military while it fights the Russian invasion.
Mykhailo Fedorov, the country’s deputy prime minister, made the statement the same week that the country raised more than £200 million via the sale of war bonds.
Ukraine conflict is raising finances in a variety of methods, including through bonds.
The administration is also in talks with the World Bank and the International Monetary Fund (IMF) about emergency assistance.
Mr. Fedorov stated in a tweet that they will “soon” release the NFTs.
He stressed, though, that there were no intentions to sell fungible tokens, such as cryptocurrency.
Digital Tokens: A new method to fund military
In the digital world, NFTs are “one-of-a-kind” assets that may be purchased and sold like any other piece of property, but have no physical form of their own.
The digital tokens may face comparison to ownership certificates for virtual or actual assets.
The statement is the latest example of the Ukrainian government’s embrace of digital assets as it seeks new methods to fund its military.
Ukraine conflict raised 8.1 billion hryvnias ($270 million) during a war bond sale on Tuesday.
Each one-year bond had a face value of 1,000 Ukrainian hryvnias and an interest rate of 11%.
“The proceeds from the bonds will be used to meet the needs of the Armed Forces of Ukraine.” the country’s finance minister said.
The World Bank and the International Monetary Fund said this week that they are working on a multibillion-dollar package for Ukraine in the coming months.
According to bitcoin researchers, millions of dollars have been donated to the Ukrainian war effort through anonymous Bitcoin donations.
On Saturday, the Ukrainian government’s official Twitter account sent the following message: “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum, and USDT.”
It published addresses for two cryptocurrency wallets. That received $5.4 million (£4 million) in Bitcoin, Ether, and other coins in less than eight hours.