War on Ukraine and Bitcoin: Finland seizes BTC for good cause

The best use of BTC – Ukraine continues to benefit from cryptocurrency donations since the beginning of the war. The Sandbox recently announced this the project was to raise funds to help Ukrainian citizens. Binance has decided to support refugees offering them $ 75 in cryptocurrencys for three months. This time, it’s Finland’s turn to use cryptocurrencies, and more precisely Bitcoin (BTC)to support Ukraine.

Finland’s cryptographic initiative for Ukraine

Bitcoins confiscated by the Finnish authorities could be added to the list of aid sent to Ukraine. Coinmotion Oy and Tesseract Group Oy have in fact been selected to host them. the sale of 70 to 80 million euros of Bitcoin in the coming weeks.

The Finnish government had launched a tender in July 2021 to find runners. These brokers would help the authorities convert these bitcoins into fiat currencies.

The country’s customs confiscated these bitcoins, as part of investigations into drug trafficking and other criminal activities. The customs office should sell 1890 BTC a la 1981 BTC which he maintains.

These bitcoins come largely from foreclosures prior to 2018. Customs had to store them in a cold wallet, to comply with the Treasury directive. In fact, it banned the storage of bitcoins on a stock exchange.

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Finnish Minister of Finance, Annika Saarikko, reported on April 25, 2022, that more than half of the proceeds from the sale will be sent to Ukraine. However, the government has yet to determine the exact amount earmarked for Kyiv.

The latter had considered sending bitcoins directly to Ukraine to support him. After all, UNICEF had received a $ 2.5 million cryptocurrency donation of Binance Charity, to help Ukrainian children.

The government finally made the decision to sell bitcoins and instead send fiat as aid.

Authorities in many countries have confiscated cryptocurrencies. German police recently shut down the activities of the illegal market of the dark network Hydra Market. Authorities confiscated 543 BTC as part of this operation. Will the governments of other countries follow the Finnish model, selling these confiscated cryptocurrencies to help Ukraine?

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