With Russia’s infamous invasion of Ukraine entering its first year, it has emerged that cryptocurrencies have played a key role in the conflict besides being used as a means of donations. 

In particular, Ukraine’s Deputy Digital Minister Alex Bornyakov has alleged that about 60% of the military equipment acquired for the war was paid for through cryptocurrencies, he said during an interview with Yahoo Finance on February 24. 

According to Bornyakov, the switch to cryptocurrencies was aided by suppliers accepting digital assets as payment to avoid the inefficiencies of the traditional financial sector.