China Plans to Sell 15,000 Seized Bitcoins on Offshore Exchanges
- Chinese authorities are considering selling 15,000 Bitcoins seized from illicit activities.
- The Bitcoin cache is valued at approximately $1.2 billion.
- Local governments aim to use the proceeds to alleviate a nationwide cash shortage.
- There is legal debate over using private companies for offshore sales due to China’s cryptocurrency trading ban.
- The sale could increase market pressure and affect Bitcoin prices negatively.
China’s intention to sell its confiscated 15,000 BTC on foreign exchanges aims to address financial shortfalls but faces legal scrutiny and potential market impacts.
Source (2.6)https://coingape.com/china-plans-to-sell-15000-bitcoin-on-offshore-exchanges/?rand=24432
