Chinese government to sell confiscated cryptocurrency transactions to raise funds

It has been revealed that local governments in China are attempting to replenish their finances by selling confiscated virtual currencies on overseas markets through private companies, despite policies banning virtual currency trading.
According to Reuters on the 16th (local time), Chinese authorities have no clear rules for how to handle confiscated virtual currencies, and local government agencies have sold them in inconsistent ways.
There are also concerns about possible corruption in the process, which local legal experts have described as "opaque and ad hoc."
Some local governments in China are hiring private companies to develop Bitcoin and other cryptocurrencies.
The confiscated crypto assets are converted into cash in overseas markets, and such sales have become a substantial source of revenue for public finances. As of the end of 2023, local governments held approximately 15,000 bitcoins.
C, worth about $1.4 billion at the time. According to bitcoin statistics platform Bitbo, China holds about 194,000 BTC, which is worth about $16 billion.
It is estimated that China holds the second largest amount of bitcoin after the United States.
In an interview with Reuters, Professor Shi said, "The current cryptocurrency ban policy
It is a temporary measure that does not precisely fit the policy.