Finland is set to donate bitcoin (BTC) seized in criminal activities to Ukraine as part of its assistance for the Ukrainian government’s fight against the Russian invasion.
According to Helsingin Sanomat, the Finnish government has acquired BTC 1,981 (USD 78 million) in Bitcoin. The precious coins were taken by Finnish customs officials as part of “investigations regarding” criminal activities including “drugs and drug trafficking.
The country’s courts instructed the bitcoin to be transferred to the state, which is now attempting to sell them for cash.
But the sources maintained that Ukraine could be given “directly” the group’s “large” bitcoin stash.
According to a recent report in the newspaper, one of Finland’s major papers, sources claimed that a decision on how much of the sale would be given to Ukraine had yet to be made. The move to actively utilize the bitcoin holdings “to assist Ukraine” has, however, already been made, according to the same unknown sources.
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The matter had been discussed earlier in the spring within the government, with confirmation also been sought from the nation’s President Sauli Niinistö.
According to the Report, a meeting will be held in the cabinet with a definitive and binding conclusion being reached in May.
According to the source, the government is presently undecided about how to move forward, and has been concerned that a crypto donation of this size and nature would “appear bad” to people outside of bitcoin.
“Cryptocurrencies may be connected to criminal activity, which has certain sensitivity. “It’s also tricky for Finland to guarantee that the bitcoin it gives does not end up financing criminal activities”.
However, the option to sell the tokens for fiat may be risky. The state was concerned that by selling bitcoin for cash and then giving the money, the amount of money donated could shrink as a result of market price fluctuations, according to a government source.
The Finnish government, according to the reports, does not have any legal method for making these sorts of donations – this would make a direct crypto donation much easier. This is because converting the tokens to cash and then donating it would necessitate additional administration and legal procedures, according to sources.
Some of the readers’ comments criticized the government’s plan, with one highly upvoted commenter proposing that the state could instead sell Bitcoin for cash and use the money to buy weapons from Finnish manufacturers, both benefiting Ukraine’s war effort and economy.
The White House’s move could be mirrored in Canada, where the Globe and Mail claimed that Ottawa was “preparing to give itself the authority to sell off assets of individuals taken under sanctions legislation, and then turn them over to sufferers or finance rebuilding war-torn nations.” This implies that it may channel money and valuables seized
The Canadian government is planning to expand the definition of assets that may be seized by sanction to include cryptocurrencies and non-fungible tokens (NFTs), according to the media outlet. This move will, in particular, allow Canada’s government “to extend the definition of assets that can be taken by sanctions to include cryptocurrency and non-fungible tokens,” the report said.