Beijing police's move is quite practical. The virtual currency obtained from raids could not be processed before; it was just a pile of numbers in hand. Now it can be exchanged for real money through the Hong Kong Stock Exchange and deposited into the national treasury. The process is clear: the police give the coins to the Beijing Stock Exchange, which finds professional institutions to take over, sells them at a licensed exchange in Hong Kong, and the foreign exchange goes through proper approval, with the money finally entering the national treasury. Shunyi has already successfully tested this.
This is good for the police in handling cases — stolen goods can be converted into cash, increasing the treasury's income; it's bad for illegal industries — previously, the police couldn't do anything about these coins, but now they can.
Old Poison says: Does this count as a disguised recognition of the value of virtual currency? But who cares, it's better than letting the illicit money rot on the blockchain. What do you think, what do you say!?
