Finland to donate seized bitcoins (BTC) to Ukraine. That writes the Finnish newspaper Helsingin Sanomat† The bitcoins in question were seized by customs and are now being used for a good cause.
73 million euros in bitcoin
The bitcoins were confiscated during drug raids and other criminal cases, among other things. Initially, the intention was that the bitcoins would go directly into the state treasury, but now they are given a different destination.
Finnish customs are said to be in possession of up to 73 million in bitcoins. However, the decision on how many of those bitcoins will eventually go to Ukraine has not yet been made. What is clear is that the BTC will not be sent immediately, they will be sold, and the proceeds will then be donated to Ukraine.
Why not send bitcoin directly?
The Finnish government has considered donating the bitcoins directly. For example, UNICEF and the United Nations High Commissioner for Refugees accept crypto donations. But in the end it was decided not to do this.
This is how it would look bad for Finland from the outside, writes Helsingin Sanomat:
“Cryptocurrencies are still sensitive, as they could potentially be linked to crime, and it would be difficult for Finland to control that the bitcoins it donates do not end up in criminal activity.”
It is also complicated from a legal point of view. For example, the general rule is that the customs authorities always sell seized goods first and then return them to the state. Preference is therefore given to donating money to organisations, which then use it to purchase relief goods.
Should the country choose to use all bitcoins worth 73 million to support Ukraine, this would be a significant increase in support money. In February, Finland allocated 14 million euros in aid.