Finland Pledges To Donate Funds From Seized Crypto Assets To Ukrainian War Effort

In a press release, the Finnish minister of finance revealed that the Finnish government has pledged to donate a sizable amount of financial aid to Ukraine. The finance minister stated that the donation would be worth tens of millions of euros.

Reports suggest the value of crypto assets currently in the possession of Finnish authorities is 1,991 BTC. At current exchange rates, that totals about €75 million.

Most of this cryptocurrency was seized during criminal investigations into a drug trafficking operation from 2016. Some 1,666 BTC was taken from that series of drug busts alone.

Finland To Sell Coins To Raise The Funding

The donation from Finland will take some time. The measures would first be presented to the country’s parliament in the form of a supplementary budget, according to the finance minister.

According to insiders who talked to Finnish news outlet Helsingin Sanomat, the Bitcoin would subsequently be auctioned, which might take many weeks.

Ukraine is Already Familiar With Crypto Funds

In a bid to raise funds in its reaction to Russia’s invasion, Ukraine has already been actively receiving and utilizing crypto donations. Aid for Ukraine, which is an official campaign run by the country’s Digital Transformation Ministry, claims to have already received over $60 million (€56.9 million) in cryptocurrency donations, including 457.5 Bitcoin. In addition, avenues have been made available for benefactors to donate NFTs for sale.

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