#CongressTradingBan Journalists learned about the sales of confiscated cryptocurrencies by the Chinese authorities. Local authorities in China are using private companies to sell confiscated cryptocurrencies abroad to replenish the budget. This is reported by Reuters, citing transactional and court documents.

The lack of clear rules on how officials should manage seized cryptocurrency has led to "inconsistent and opaque approaches." Some lawyers fear that this may facilitate the creation of corrupt schemes, the agency clarified.

The sale of digital assets has become a significant source of income. By the end of 2023, local authorities owned approximately 15,000 BTC (approximately $1.4 billion).

Currently, Bitbo estimates the number of bitcoins at the disposal of Chinese officials to be 194,000 BTC (approximately $16.3 billion). In this regard, the country is second only to the USA with 207,189 BTC (approximately $17.37 billion).