Finland to donate Bitcoin seized from criminals to Ukraine

Finland has revealed plans to donate bitcoin seized from criminals to Ukraine, local media has reported.

Finnish paper Helsingin Sanomat reported the government had not finalised the plan and it is not known how much they would give but it is thought to be worth within the region of $77m (£62m).

The paper cited government sources saying they were currently in possession of 1,981 bitcoin.

One bitcoin is currently worth £31,300, but the price often fluctuates considerably.

If the government did donate all of their bitcoin to Ukraine it would be a huge increase in the amount of monetary aid given to the country after they donated £11.8m in February.

Most of the bitcoin was seized as part of criminal investigations into drug trafficking.

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Bitcoin was the world's first cryptocurrency, it is known for its wildly fluctuating prices and is not regulated by any central bank.

Due to its lack of centralisation and difficulty to track transactions it has become a popular form of transaction for criminals.

Others view it as an investment and an easy way to get around currency barriers.

Huge amounts of bitcoin have already been donated to Ukraine by members of the public from all over the world.

More than $100m worth of cryptocurrency was donated to Ukraine in the first two weeks of the war.

Finland's increased support to Ukraine comes amid a backdrop of changing foreign policy for the Nordic country.

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Finland, which shares a huge border with Russia long prioritised balancing relations equally between the West and Moscow, but this has been completely upended by Vladimir Putin's war.

Part of the justification for the war made by Putin was Russia should reclaim some territories of the former Russian Empire, which Finland was once part of.

Since the invasion began the prospect of Finland joining Nato has become a reality.

Polls show there is strong support from the public for the move, something that was far down the political agenda just a few months ago.

Things have moved so quickly, many analysts now believe Finland – along with neighbouring Sweden – could join as soon as summer and maybe even bypass a nationwide referendum in favour of a parliamentary majority.

Russia has reacted angrily to the change of stance by Finland and Sweden, saying if they joined the military alliance it could destabilise Northern Europe.