Ukraine to amass a $77M Bitcoin donation from the Finnish government

Sahana Kiran
Source – Pixabay

Bitcoin [BTC] and other cryptocurrencies had a vital role to play in the ongoing Ukraine-Russia war. As Russia continues to attack Ukraine without hesitation, governments from across the globe have been pouring support. Over the last couple of weeks, Ukraine has managed to amass a significant amount of donations. While Ukraine tries to combat Russian soldiers, the Finnish government came in support of the war-torn country. Only this time, Finland intended on employing Bitcoin to assert aid.

As per a local newspaper, the Finnish government will reportedly donate Bitcoin worth around 73 million euros or $77 million.

The Finland government was trying to do things differently. The donations that the government intends to carry out would be Bitcoin that was previously seized from criminal investigations.

Additionally, the decision to employ BTC for donations was taken back in March itself. President Sauli Niinistö had also given a green signal. But, the matter was sitting still in the Finance and Foreign Affairs ministries.

Speaking about the same, a source from the government said,

“Of course, no universal money is earmarked that way. But here, as if mentally, this money from bitcoins is earmarked so that it can be used to support Ukraine.”

Furthermore, the government is considering donating the 1,981 Bitcoins that were seized by customs to the war-torn country. Customs had reportedly seized BTC during drug trafficking investigations.

Bitcoin, a true safe-haven asset?

Bitcoin’s role in this latest geopolitical issue proved that it was an authentic safe-haven asset. With donations of over $100 million solely in crypto, the Ukrainian government was driven to legalize it. Now that governments across the globe have begun using BTC as a method of donation, the market is sure to garner a massive boost.

Finland has portrayed itself as a crypto-friendly region. As a result, its latest move didn’t come off as a surprise.

As Bitcoin’s utility surged, its price tried reaching $40k. At press time, the king coin was trading for $39,379 with a daily surge of 2 percent.