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Finland set to donate over €70 million worth of crypto to war-torn Ukraine

Finland set to donate over €70 million worth of crypto to war-torn Ukraine

Finland’s government has promised to donate over €70 million worth of confiscated Bitcoin to the war-torn country.

Cryptocurrencies have been crucial in raising donations for Ukraine Cryptocurrencies have been crucial in raising donations for Ukraine

Cryptocurrencies have come to aid Ukraine again, which has been amid an intense war with Russia for over 2 months now.

As per Finnish media reports, the country would be donating over €70 million worth of confiscated Bitcoin to the eastern European country.

Moreover, the government has partnered with Coinmotion and Tesseract, two Finnish digital asset service providers, to act as brokers to put their plan in motion. 

Coinmotion and Tesseract would sell off the cryptocurrency which was confiscated by the Finlan’s customs. The same amount in fiat would then be donated to the battle-scarred country.

The authorities plan to donate approximately 1,890 Bitcoins via this process.

Annika Saariko, Finland's Finance Minister, who also happens to be the Deputy Prime Minister of the country, verified this news on Facebook.

It is interesting to note that this donation will take some significant time to materialise. As per the information provided by Saarikko, the proposal would be put forth in the European country's parliament in the upcoming fiscal year's budget.

It is noteworthy to mention that donations in cryptocurrency to Ukraine have surpassed $100 million.

Cryptocurrencies have been crucial in raising donations for Ukraine's resistance to the Russian invasion. The entire crypto community has come together to help Ukraine at this time of turmoil.

NFTs, cryptocurrencies like Bitcoin, Ether, meme coin Doge, DOT, Terra, the stablecoin USDT Tether, etc, and even a Decentralised Autonomous Organization, the UkraineDAO have helped in raising funds for the country.

The conflict between Russia and Ukraine has entered its 65th day. 

Russia launched an attack on Ukraine in February 2022. The invasion took place via land, air, and sea, and many believe it to be the most large scale military invasion since World War II. 

According to the United Nations High Commissioner for Refugees and Human Rights, six people died during the Russian Federation's capture of Crimea, while hundreds of civilians and military personnel were killed during the fight in Donbas and the Russian invasion of Ukraine in 2022.