Finland has announced that it will donate “tens of millions” of euros raised from the sale of confiscated Bitcoin to help Ukraine financially.
According to Euronews, Finland’s finance minister has proposed a plan to sell stolen cryptoassets to fund Ukraine’s military effort against Russia. Customs agents seized 1,981 Bitcoin worth over €75 million during criminal investigations. Thereby, giving the country a total of nearly €75 million.
Annika Saarikko, Finland’s finance minister, said on Twitter that the government will donate “tens of millions” to Ukraine, calling the choice “appropriate and proper.”
Finnish Customs announced in a statement that it has chosen digital asset businesses Coinmotion and Tesseract to sell the stolen Bitcoin. Both companies are based in Finland and comply with the government’s anti-money laundering and know-your-customer regulations.
According to several sources, the donation to Ukraine would be a “substantial fraction” of the entire Bitcoin sale. That’s, according to the Finnish newspaper Helsingin Sanomat.
So, The donation would take time to finalize, according to Saarikko. That’s, because the plans must first be presented to the country’s parliament and supplementary budget.
Last year, Finland’s Customs office announced plans to auction off cryptoassets. Of course, with the majority of the Bitcoin seized coming from a 2016 bust. Which, resulted in the seizure of 1,666 BTC.