China's local governments sell seized crypto to refill public coffers despite trading ban: Reuters
Powered by @unfolded- Chinese local governments are selling confiscated cryptocurrencies to boost public finances despite a ban on crypto trading in mainland China.
- This practice involves private companies facilitating the sale of seized crypto assets, which raises concerns about transparency and potential corruption.
- While individuals cannot trade crypto, businesses that help sell these assets legally operate, leading to increased participation in this market.
- China is the second-largest holder of Bitcoin, with approximately 190,000 BTC, and is actively discussing the legal treatment and regulatory framework for cryptocurrencies.
https://www.theblock.co/post/350955/china-government-selling-seized-crypto