How Ukraine Implements Crypto Payments During The War

Ukrainian people were active cryptocurrency users even before February 2022. With the number of crypto owners reaching 12,73% (5,5M) of the country’s population, Ukraine occupied the leading position in the Triple A rate in September of 2021. The law on virtual assets was passed on the 17th of February, 2022, making cryptocurrencies legal in Ukraine. Of course, there’s still a lot that can be done, but the country is already on its way to making cryptocurrencies one of the main payment methods.

What changed when the war began?

Ukrainians are still actively using cryptocurrencies in their day-to-day life. Only Vietnam and the Philippines are ahead of Ukraine as of September 2022 data. The country even considers an opportunity to develop its own digital asset.

Ukrainian officials are saying that they want to create favorable conditions for crypto businesses from all around the world. They would be able to do everything legally while the locals could declare and keep their virtual assets safe.

As the war broke out, many people from all around the world found cryptocurrencies to be the easiest and fastest way to donate to the needs of Ukrainians. This has allowed gathering over $125M in donations since the beginning of the full-scale invasion, according to the Crystal Blockchain reports. About 52% of the donations go to support the Ukrainian army, while the rest goes to humanitarian needs. Why are crypto donations so popular in Ukraine? There are a few reasons for that.

1. They are anonymous. Although transactions can be traced, the sender can still remain unidentified.
2. Some fundraising platforms stopped accepting donations for Ukraine as the funds can be spent on military equipment.
3. They are quick. Unlike bank transactions, crypto transfers don’t take over 24 hours and don’t require verification.
4. There are no third parties involved.

A lot of donations go through the United24 platform founded by the president of Ukraine, Volodymyr Zelensky. The cryptocurrency transactions on it are possible thanks to the Whitepay POS solution.

What’s Whitepay?

Whitepay is a part of the WhiteBIT ecosystem. The company offers safe and quick ways for businesses to accept crypto payments. It can be offline POS crypto terminals in the physical stores or online payment solutions like the one used on United24. The businesses receive detailed reports and analytics, while the support team takes care of the questions from clients. During times when banks are losing trust and cryptocurrencies are recognized all over the world, this solution is an option available to small and big businesses as well as charitable foundations.

The process of accepting crypto payments is similar to using bank cards. The terminal receives a payment and prints out a receipt. The POS terminals also accept Visa and Mastercard payments and support NFC technology as well as 3/4G. The available cryptocurrencies include Bitcoin (BTC), Ether (ETH), and Tether (USDT). However, this list is expected to grow.

Whitepay currently offers its services in Ukraine, Turkey, and UAE. However, the team is open to entering the markets of other countries.

“We offer our customers new opportunities with cryptocurrencies. This can take Ukrainian businesses one step further and bring the mass adoption of crypto even closer. Ukraine is already one of the leaders in the crypto scene, and our aim is to help with that. Hundreds of businesses have experienced the advantages of Whitepay, and it’s only the beginning.” — says Hlib Udovychenko, the CEO of Whitepay.

As you can see, Ukraine has managed to benefit from the crypto industry. People can easily donate money, send or receive funds from relatives, or even add crypto payments to their businesses. Although there’s still a long way to go, Ukraine is already one of the few countries in the world that are creating a crypto-friendly atmosphere for its people.

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