The post China Sells $16 Billion in Seized Bitcoin: Lack of Rules Sparks Major Concerns appeared first on Coinpedia Fintech NewsChina has built up a large stash of cryptocurrencies from illegal activities, and now local governments are looking for ways to sell off the holdings. Courts and financial industry have raised concerns calling out on clearer rules to handle these digital assets. Despite its 2021 ban on crypto trading, recent reports reveal that China has been offloading massive Bitcoin stash. Notably, by the end of 2023, local governments in China were holding around 15,000 Bitcoin worth about $1.4 billion and the sales have become a significant source of income to them.It has reportedly sold about 194,000 Bitcoin worth around $16 billion. According to the speculations, local governments are working with private firms to offload their crypto holdings. This makes China the second-largest Bitcoin holder after the U.S., showing its mixed and strategic approach toward cryptocurrencies, according to data from Bitbo. A lack of clear rules on how the Chinese authorities should handle the seized cryptocurrencies has led to confusion and different regions are handling it in inconsistent and unclear ways. This has led to concerns among lawyers that this could encourage illegal[...]
China Sells $16 Billion in Seized Bitcoin: Lack of Rules Sparks Major Concerns
