Finland May Sell €75 Million Worth of Confiscated Bitcoins to Support Ukraine

Finland is also all set to support Ukraine but in a different way than the others!

Since the Russian announcement of the Ukraine invasion, this country has been accepting strong donations in crypto to fund its war effort. Just like Finland is giving its part to support Ukraine

Recently Nordic country of Finland has pledged to contribute“tens of millions” of Euros. Further, these Euros will be generated by selling the confiscated bitcoins. The income will be a donation to support Ukraine.

Finland Minister Annika Saarikko tweeted the same on Wednesday, April 27. The translated tweet reads:

The government will donate tens of millions to support Ukraine. Thanks to the proceeds from the sale of @SuomenTulli, confiscated bitcoins. Historical, collaborative decision @VMuutiset & @Ulkoministerio. The solution is legitimate and good. Moreover, the Allocation in the amending budget in the coming weeks.

Currently, Finland is holding nearly 2,000 confiscated Bitcoins. These confiscated bitcoins are worth €75 million as per the current cost. The Finnish customs had seized these Bitcoins during the criminal investigation. 

On Thursday, the Finnish customs said that they had chosen local crypto firms Coinmotion and Tesseract to carry out the BTC sale. The customs department showed confidence in these two platforms. Further, they stated that they were satisfied with their “procedures to prevent money laundering and investigate the buyer’s background”.

It isn’t sure enough whether Finland shall be giving up all of its confiscated BTC to support Ukraine. However, sources speaking to local news publication Helsingin Sanomat said that the government would transfer a “significant portion” as an aid to Ukraine.

Supporting Ukraine- Receiving Crypto Donations

Since the war, Ukraine has been receiving donations in crypto from different parts of the world. To streamline the process further, the country also decided to legalize cryptocurrencies.

Many market analysts believe that the war in Ukraine will give rise to cryptocurrency adoption globally. Also, the International Monetary Fund (IMF) said that the economic sanctions imposed on Russia could possibly decrease the dominance of the U.S. Dollar in the world.

To conclude, the prediction is Finland’s recent Bitcoin donations to Ukraine will take time.

Author: admin