Ukraine Is Set To Receive A $77 Million Bitcoin Contribution From Finland’s Government

Bitcoin [BTC] and other cryptocurrencies played a critical role in the continuing conflict between Ukraine and Russia.

Governments from all around the world have poured their support into Ukraine as Russia continues to attack the country without hesitation. Ukraine has managed to raise a large sum of money in the last few weeks. While Ukraine fights Russian troops, the Finnish government has stepped in to help the war-torn country. Finland intended to use Bitcoin to request assistance this time.

Finnish government would gift 73 million euros ($77 million) in Bitcoin

The government of Finland was attempting to do things differently. The government aims to make donations using Bitcoin that has been seized as part of criminal investigations.

Furthermore, the decision to use BTC for donations was made back in March. President Sauli Niinistö had given his approval as well. The subject, however, remained unresolved between 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.

Is Bitcoin truly a safe haven asset?

Bitcoin’s position in this most recent global crisis demonstrated that it is a true safe-haven asset. The Ukrainian government was compelled to legalize cryptocurrency after receiving over $100 million in crypto donations. The market is sure to see a major boost now that governments all around the world are adopting BTC as a way of donation.

Finland has marketed itself as a cryptocurrency-friendly country. As a result, its most recent move was not unexpected.

Bitcoin’s price attempted to hit $40k as its utility grew. The king coin was trading at $39,379 at press time, up 2% from the previous day.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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