The UK government is contemplating the sale of its seized Bitcoin assets to address its growing budget deficit, which is under increasing scrutiny. If this plan is approved, it would diverge from the global trend of governments accumulating Bitcoin reserves. Reports indicate that the UK Treasury and Home Office are collaborating with law enforcement to explore the sale of nearly £5 billion ($6.7 billion) in confiscated digital assets. This initiative is part of a broader strategy to alleviate the financial strain on Chancellor Rachel Reeves, as the UK faces an estimated £20 billion budget gap. However, the proposal has faced backlash from crypto advocates, including Zia Yusuf of the Reform Party, who likened it to former PM Gordon Brown's controversial gold sale. Decentra Suze, co-founder of Bitcoin Policy UK, criticized the plan, highlighting ongoing legal disputes over the Bitcoin's status. Currently, the UK holds 61,245 BTC, valued at approximately $7.2 billion, most of which was seized in 2024. Read more AI-generated news on: https://app.chaingpt.org/news

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