Finland Set to Donate Bitcoin Seized from Criminals to Ukraine – Report

cryptonews.com:

Finland’s government will reportedly donate bitcoin (BTC) seized in criminal operations to Ukraine, to support the latter’s war efforts against the Russian invasion.

Per the Finnish media outlet Helsingin Sanomat, the Finnish government has amassed BTC 1,981 (USD 78m). The coins have been seized by Finnish customs officials in “investigations related to” crimes such as “drugs and drug trafficking.”

The country’s courts have since ordered the transfer of the bitcoin in question to the state, which is now looking to trade the coins for cash.

But the sources did not rule out handing its stash of bitcoin “directly to Ukraine.”

The newspaper, one of Finland’s largest, claimed that its sources had stated that a decision on how much of the sale would be donated to Ukraine was still yet to be made. However, according to the same undisclosed sources, the decision to actively use the bitcoin holdings “to help Ukraine has already been taken.”

The matter had been discussed “earlier in the spring within the government,” with “confirmation also been sought” from the nation’s President Sauli Niinistö.

The matter will be discussed in the cabinet with a final and binding decision to be taken in May, the report claimed.

The government, the source added, is currently unsure on how to proceed, and has been concerned that a crypto donation of this size and nature would “look bad to outsiders,” noting:

“Certain sensitivities apply to cryptocurrencies, as they may be linked to crime. Also, it would be difficult for Finland to ensure that the bitcoin it donates does not end up funding criminal activity.”

But the decision to sell the tokens for fiat could also prove problematic. A government source was quoted as saying that the state was concerned that