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Finland Intends to Donate Confiscated Bitcoin to Aid Ukraine (Report)

WikiBit 2022-04-29 10:51

Abstract:The government of Finland might donate as much as $77 million worth of bitcoin to Ukraine.

  The Finish government will reportedly donate some of its seized bitcoin holdings to support Ukraines efforts in its war with Russia. Over the years, the Scandinavian country has confiscated nearly $77 million worth of BTC from bad actors.

  Finland to Join the Conflict by BTC Donations

  Despite its on and off moments, the Russia-Ukraine war seems nowhere near its end. Unlike most conflicts in the past, the two sides confront each other without the direct military help of allies. However, Ukraine keeps receiving support in the form of finance, weapons, medical and food supplies from numerous EU nations and the USA.

  Digital assets have also been an essential feature in the war as crypto-related companies, individuals, and governments sent donations in bitcoin and altcoins to the invaded country. The latest such support will reportedly come from Finland.

  The nation's ruling body has launched several operations against drug lords, traffickers, and other criminals over the past years. As a result, it seized nearly $77 million worth of bitcoin, and the government is willing to donate a portion of that amount to Ukraine.

  “Of course, no universal money is earmarked that way. But here, as if mentally, this money from bitcoins is earmarked so that it can be used to support Ukraine,” a government official stated.

  The coverage informed that the initiative had been discussed earlier this year. The authorities even sought the confirmation of the President of Finland – Sauli Niinistö.

  The decision on whether and how much of the seized BTC to go to Ukraine remains in the hands of the Ministry of Finance and the Ministry of Foreign Affairs. Some rumors hinted that Finland might send the total amount. Assuming it does so, it would be five times more than the $15 million financial help transferred to Ukraine in February.

  Local Crypto Providers to Send the Funds

  Finlands Customs (the entity that holds the bitcoin seizures) authorized two Finish digital asset service providers to serve as brokers for the donation – Coinmotion and Tesseract. Please download WikiBit for more blockchain news.

  Specifically, the authorities plan to give the nearly 1,890 BTC to those companies, which will later sell them and send the fiat currency equivalent to Ukraine.

  “At the moment, our purpose is to give brokers the legal virtual currencies seized in the hands of Customs, ie about 1890 bitcoins during the spring, early summer. The money is normally credited to the state, as are all other assets that have been seized by Customs,” CFO Pekka Pylkkänen said.

  Crypto Donations in Ukraine Topped $100 Million

  As reported several weeks ago, the contributions in digital assets sent to Ukraine surpassed $100 million.

  For one, Gavin Wood – Founder of Polkadot – donated $5 million worth of DOT to support the nation‘s defense in its battle against Russia’s military forces. Ukraines government responded to the contribution:

  “The people of Ukraine are grateful for the support and donations from the global crypto community as we protect our freedom.”

  Shortly after, the content-sharing platform – OnlyFans – donated 500 ETH to UkraineDAO (an organization that aids the Ukrainian Ministry of Defence). At the time of the transaction, the crypto assets were worth around $1.3 million.

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