Seized Bitcoin will be donated to the Ukrainian war effort by Finland, amounting to “tens of millions”
A portion of the revenues from the sale of more than 1,800 stolen Bitcoin will be donated to Ukraine’s struggle against Russia, according to Finland’s finance minister.
A portion of the revenues from the sale of more than 1,800 stolen Bitcoin will be donated to Ukraine’s struggle against Russia, according to Finland’s finance minister.
As Annika Saarikko said on Twitter on Wednesday, Finland’s supplemental budget would include more “historic, collective decisions.”
Finnish authorities have 1,981 Bitcoin, and they want to auction off 1,890 of them for a total of $75 million, according to an email message obtained by Bloomberg.
Questions about money laundering and what would occur to the snared Bitcoin had Finland debating what to do with it.
But according to a statement from the nation, Coinmotion Oy and Tesseract Group Oy have been appointed to sell the coins that were seized prior to 2018.
One of the first, if not the first government to donate crypto directly to Ukraine’s war effort if and when the funds are made. The United States and the United Kingdom, along with a number of other nations, have been contributing military equipment and weaponry to support the country in crisis.
Foreign minister Liz Truss remarked on Thursday that the West must “double down” on military backing for Ukraine and added that the 2% objective defence budget set by Nato should be a “floor rather than an upper limit” Finland and Sweden both declared on the same day that they want to submit Nato membership bids at the same time by the middle of May.
Following Ukraine’s appeal for contributions in February, the government has undoubtedly received millions of dollars worth of cryptocurrency from individual contributors.
Since most of Ukraine’s Ethereum contributions occurred at a time when the government was promising contributors airdrop prizes, such as highly lucrative NFTs or a new cryptocurrency, it is worth highlighting.
A sudden drop in contributions when this offer was terminated suggests that much of the seeming benevolence was really more about profiting from the public’s trust.
However, Ukraine would prefer that no Ukrainians purchase cryptocurrency
There’s little doubt that Ukraine would welcome financial support in the form of Bitcoin and other cryptocurrencies in its struggle against Russia. Despite this, Ukraine’s government isn’t fond of its residents utilising the country’s official currency, the Hryvnia, to purchase cryptocurrency.
A restriction on cryptocurrency purchases by Ukrainians was imposed earlier this month by the government in an effort to stop the flow of funds leaving Ukraine.
Ukraine’s national bank has reported that about $2 billion has been moved since Russia’s incursion began.
To minimise capital outflows and ease pressure on Ukraine’s foreign-currency reserves, the bank said the restrictions are intended (via CoinDesk).
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