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Finland Picks Brokers to Liquidate Its $75 Million Bitcoin Hoard - BLOOMBERG
(Bloomberg) --
Finland has selected two brokers to sell $75 million worth of seized Bitcoins its authorities hold.
The brokers are set to sell the cryptocurrency during the spring and early summer, Finnish Customs said in an emailed statement on Thursday after signing two-year contracts with Coinmotion Oy and Tesseract Group Oy. The Customs has 1,981 Bitcoins, of which it will now sell 1,890, it said.
Newspaper Helsingin Sanomat reported on Wednesday that the Finnish government is considering donating a part of the proceeds to help Ukraine defend itself against Russia’s invasion.
Authorities have taken their time deciding what to do with the virtual currency, the bulk of which was confiscated in raids before 2018. That year, the Treasury set out guidelines for handling the assets, saying authorities aren’t allowed to store the coins on virtual currency exchanges, but must keep them off the Internet. The Customs in turn launched its tender in July for brokers interested in helping turn the digital assets into hard currency.
