Regional authorities in China are selling cryptocurrencies taken during legal cases to bring in extra money.
These governments are working with private companies to sell the crypto outside China, since trading is banned within the country.
According to a report published on April 16, there are no clear national rules on how to manage crypto that has been seized. This has led to confusion and differences in how local agencies handle the process. Some lawyers believe this lack of structure could make it easier for people to act dishonestly.
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Documents show that local governments held around 15,000 Bitcoin
Chen Shi, a professor at Zhongnan University of Economics and Law, told Reuters that selling crypto this way is only a short-term solution and does not fully align with China’s current restrictions on digital currency trading.
According to Shenzhen-based lawyer Guo Zhihao, the central bank should manage the assets and either sell them in legal markets overseas or keep them as part of a reserve.
Meanwhile, the US government has recently explored ways to increase its Bitcoin holdings without using taxpayer funds. What options are being considered? Read the full story.
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