## 🇨🇳 China to Sell Confiscated Cryptocurrencies Through Hong Kong Exchanges
China has just established its first legal framework to handle seized digital assets, with the total value set to surpass $60 billion by 2023 – a 12-fold increase from the previous year. Despite still banning cryptocurrencies, China is now one of the largest holders of digital assets, along with the US and UK.
For the first time, a mainland Chinese agency will process seized digital assets by converting them into yuan and depositing them into designated accounts. This is possible because Hong Kong is a digital asset hub, despite mainland China still banning cryptocurrency trading.
Rumors of a ban on individuals owning cryptocurrencies have not been officially confirmed, but the 2013 ban on financial institutions remains in effect.
