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Finland jumps in support of Ukraine through bitcoin funding

Finland jumps in support of Ukraine through bitcoin funding 6

Ukraine is closer to securing financial support from Finland against Russian military invasions.

Russia vs Ukraine conflict is still going on since 66 days. Due to the small military and population power, Ukraine is very weak against Russian invasions. In these 66 days, Ukraine grabbed huge support from almost every country and every community, against Russia. In particular, many big economic powers imposed financial international sanctions on Russia. 

Earlier today, Euronews reported that the Finance Minister of Finland announced to support Ukraine financially.

Reportedly, Finland will sell some Bitcoins out of 1,981 Bitcoin, worth nearly €75 million. These Bitcoins were detained in the past by the Customs officials during criminal investigations. 

On 27 April, Annika Saarikko, finance minister of Finland, Tweeted that the country will donate 10 million to Ukraine and noted that it will be the right decision to use these funds. 

Finnish Customs department released its statement and confirmed that they will sell the detained Bitcoin with the help of Coinmotion and Tesseract. Both of these crypto platforms are highly compliance-based platforms and also help to keep money laundering away through a precise KYC verification system.

Ukraine against crypto buy 

Around a week ago, the National Bank of Ukraine announced a ban on cryptocurrency buying because of the martial law in the country, in order to fight against the critical economic situation.

Right now, no one Ukrainian citizens can legally buy cryptocurrencies with the help of hryvnia currency but still have full right to buy cryptocurrencies with the use of foreign currencies up to worth 100,000 Ukrainian hryvnias ($3,400).

However such decisions by the Ukrainian Government are highly shocking but still the government is forced due to the situation to take such bitter steps against Crypto.

From the crypto industry, Ukraine government already collected more than $100 million worth of cryptocurrencies and NFTs collectibles.

Read also: Ripple Partner Nium Seeks to expand the network in Europe

Finland jumps in support of Ukraine through bitcoin funding





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