Finland may donate about $77 million in bitcoin to help the military efforts of Ukraine.
The Finland government would donate part of its confiscated bitcoin assets to Ukraine’s military efforts against Russia. Over the years, the Scandinavian country has seized roughly $77 million in Bitcoin from illegal activities. This was as per reports from sources.
Finland to donate $77 million worth of bitcoin to Ukraine
Several operations against drug gangs, traffickers, as well as other criminals have been initiated by the Finnish authorities in recent years. As a consequence of government operations, over $77 million in bitcoin was confiscated. The Finnish government is ready to contribute a chunk of that money to Ukraine. There are rumours that the Finland government may provide the whole $77 million in bitcoin to Ukraine. However, the decision on whether and how much of the confiscated bitcoin would be sent to Ukraine is still in the hands of the Ministries of Finance and Foreign Affairs.
Channel for bitcoin donation
Finland’s Customs (the organisation in charge of the bitcoin seizures) permitted two Finnish digital asset service companies, named Coinmotion and Tesseract, to act as brokers for the donations. The Finnish authorities intend to provide almost 1890 BTC to those firms, who will then sell them and provide the equivalent in fiat cash to Ukraine.
As per the information, the value of digital assets (cryptocurrencies) provided to Ukraine has surpassed the $100 million mark. For example, Gavin Wood, the founder of Polkadot, contributed $5 million in DOT tokens to aid Ukraine’s defence in its fight against Russia’s armed troops.
