Finland Will Donate Seized BTC To Help Ukraine: Report

Finland will donate seized BTC to help Ukrainians and the gathered funds could be worth as much as $77 million according to the reports so let’s read more today in our latest Bitcoin news.

The BTC seized in the various criminal investigations could be worth about $77 million and Finland will donate seized funds to help Ukrainians. The country will donate the BTC seized from various criminal investigations that were undertaken by its governemnt to Ukraine according to the government sources. The amount of bitcoin donated has not been determined yet but the potential amount can be worth as much as 73 million EUR at current prices. Finland started looking into the use of BTC to help Ukraine in March but the country also considered donating 1,981 BTC seized by the customer department directly to Ukraine.
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Donating crypto has become a fast and efficient way to donate money to Ukraine’s war effort against Russia.

Also, Ukraine banned crypto purchases in local currency to prevent capital flight. The central bank of Ukraine stopped the citizens from buying digital assets with the local currency while trying to prevent unproductive capital outflows. The national bank of Ukraine said that the citizens can now only buy crypto using foreign currency up to a value of 100,000 Ukrainian hryvnias per month which will stop capital flight according to the central bank. Capital flight can harm the nation’s currency especially now since millions of people left Ukraine after the Russian invasion. The exodus of financial assets is also a strong possibility and Ukraine’s governemnt aims to stop it and keep the national currency stable.

As the military conflict between Russia and Ukraine continues, Web3 gathered to help Ukraine and sent about $100 million in crypto donations to the Ukrainian government and the NGOs that operate in the region as per the Ministry of Digital Transformation. The gitcoin platform rewards coders with crypto but now it decided to add support by hosting a fundraising campaign dubbed GR13. Running from March 9 to March 24, GR13 is a series of grants under the gitcoin banner where participating entities can contribute funds to support Ukraine.

The grants raised $1.2 million to support Ethereum. Web3 projects Avalanche, ENS, Polygon, and Uniswap all joined Gitcoin’s GR13 initiative by offering funds of their own.