Finland will donate seized €75m worth of Bitcoins to Ukraine

However, the donation won’t take a form of a direct crypto transfer as the Finnish government fears it will trigger connotations of criminal activity.

A stock photo featuring a close-up map of Ukraine with a small Ukrainian flag on it

Finland currently holds 1,981 Bitcoins worth nearly €75m as of today's price, which law enforcement agencies have seized from the criminal actors. Most of them, 1,666, were confiscated during the 2016 drug bust. The country representatives didn’t specify the exact amount of the donation, but the Finnish finance minister Annika Saarikko tweeted that it would be “tens of millions.”

The Finnish government designated two local digital asset service providers, Coinmotion and Tesseract, to sell Bitcoins on their behalf by the early summer. The proceeds will then be sent to Ukraine in euros.

Ukraine already takes full advantage of crypto, soliciting donations to the government-approved wallets and minting NFTs to aid its war effort. So far, the country has raised over $100m in crypto, which it spends on non-lethal military equipment.