Finnish Customs piles up tens of millions of Bitcoin pot – “I don’t think it will end up being destroyed”

Customs and the Ministry of Finance had to decide the fate of the seized bitcoins as early as the spring.

Customs has not been able to get rid of the bitcoins seized. Customs holds just under 2,000 bitcoins. At the current cryptocurrency exchange rate, the value of the pot is approximately EUR 30 million.

“In the spring, we started discussions with the Ministry of Finance about what we are doing for bitcoin both now and in future cases. Discussions are still ongoing, ”says Pekka Pylkkänen, CFO of Customs.

According to him, negotiations have been delayed due to the corona.

“These are things of a nature that require physical presence due to the security classification. I hope that the matter will progress faster in the future, ”says Pylkkänen.

The options envisaged for the seized bitcoin are listed in the Customs Act. They are an auction, other sale, transfer to another agency, or disposal.

“I don’t think it will end up in disposal,” says Pylkkänen.

The largest batch of Bitcoin, 1,666, ended up in Customs’ wounds as a result of the so-called Douppikauppa case. Pylkkänen believes that bitcoins will continue to end up in Customs, for example through seizures related to drug trafficking.

Finland’s seizures are small compared to the big world. More than $ 1 billion worth of bitcoins have recently been seized by U.S. authorities. They were connected to a criminal online store called Silk Road.

The value of bitcoin has risen in recent weeks. According to Markets Insider, bitcoin investors are likely to expect the rise to slow to near the former peak of around $ 20,000