Finland Planned to Donate Confiscated Bitcoin to Ukraine

By    5 May,2022

The decision on whether and how much of the seized BTC would be sent to Ukraine is still in the hands of the Ministries of Finance and Foreign Affairs. Rumors circulated that Finland might send the entire sum. If this happens, it will be five times more than the $15 million in financial assistance delivered to Ukraine in February.

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Finland’s Customs (the organization in charge of the bitcoin seizures) permitted two Finnish digital asset service companies – Coinmotion and Tesseract – to act as brokers for the gift.

The authorities intend to hand the almost 1,890 BTC to those companies, who will then sell them and send the equivalent in fiat currency 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.

Donations of cryptocurrency in Ukraine have surpassed $100 million.

The value of digital assets supplied to Ukraine has topped $100 million.

For example, Gavin Wood, the founder of Polkadot, contributed $5 million in DOT to aid the nation’s defense in its fight against Russia’s military troops. The Ukrainian administration replied to the contribution by saying:

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

Following that, the content-sharing portal OnlyFans donated 500 ETH to UkraineDAO (an organization that aids the Ukrainian Ministry of Defence). The crypto assets were worth approximately $1.3 million at the time of the transaction.




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