Finnish Authorities Expected to Donate Seized Bitcoin to War-Torn Ukraine


The Finnish government has agreed on additional aid to Ukraine in the form of Bitcoin seized in criminal investigations related to doping and drug trafficking, according to a report from local media outlet Helsingin Sanomat.

1,981 Bitcoin, or $78.5 million at current prices, was earlier confiscated by Finland’s customs authorities, with the court ordering to hand it over to the state.

While the exact amount which the Nordic country is planning to send to Ukraine’s relief effort is yet to be decided, government sources said that a political decision to donate a “significant part” of that stash had already been made.

This potential contribution would come on top of additional aid following the February decision to provide €14 million ($14.76 million), including humanitarian aid and development funds.

The Finnish government is still weighing how to precisely donate the funds, with authorities wanting to ensure that the cryptocurrency in question does not end up back in criminal hands.

Finland’s cabinet will discuss the matter with the formal decision to be made by the end of May, per the report.

Ukraine’s crypto donations

Since Russia launched a military offensive against Ukraine in February, the war-torn country has received tens of millions of dollars in crypto donations from multiple NGOs, volunteer groups, crypto grants, DAOs, and even NFT sales.

Apart from humanitarian aid to the people fleeing the war zone, those donations are also aimed at supporting Ukraine’s military.

Earlier this month, Ukraine’s vice prime minister and minister of digital information, Mykhailo Fedorov, shared a photo of 200 sets of ballistic plates for bulletproof vests purchased with the donated cryptocurrency.

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Fonte: decrypt.co