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Ukraine spent over $38 million in cryptocurrency on military weapons: Ukraine Ministry of Digital Transformation

The Ukraine Ministry of Digital Transformation has put out a report about how it spent the $54.6 million it got from the cryptocurrency community.

On August 17, the report was provided through a tweet by Mykhailo Fedorov, who is the Minister for Digital Transformation of Ukraine. According to the report, the majority of the expenses went toward aiding for the military conflict.

A more in-depth analysis of the specifics of the study reveals that Ukraine incurred the most expense in terms of supporting its various military initiatives, totaling more than $38 million.

As part of the military expenditures, $11.9 million was spent on the acquisition of UAVs, $7 million was spent on the acquisition of armored vests, $3.8 million was spent on field rations, $2.7 million was spent on military gear and accessories, and $1.7 million was spent on thermal imagers.

Expenses associated with medicine and military medical kits came to a total of $1.3 million and $1.2 million, respectively. In addition, the nation spent a total of $351,146 on the procurement of radio communication kits and $924,618 on communications devices.

The government has indicated that it would continue to give a comprehensive breakdown of the expenditure of each and every pound. Ukraine also set up United24, an English-language news site that gives real-time updates on how the conflict is going and weekly reports on how money is being spent.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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