#BitcoinWithTariffs
ATTENTION: According to data from #Bitbo , China has sold approximately 194,000 BTC, valued at around US$ 16 billion. This positions China as the second-largest holder of Bitcoin$BTC after #EUA , reflecting a complex and strategic stance towards cryptocurrency assets.
📄 Chinese local governments have been selling seized cryptocurrencies through private companies like Jiafenxiang. These companies have reportedly facilitated the sale of more than 3 billion yuan in digital assets since 2018. The proceeds are typically converted to yuan and transferred to local government financial departments.
📄 However, the process is raising concerns due to the lack of national regulation or legal clarity regarding the management of seized cryptocurrencies. As a result, different regions of #China are dealing with these assets inconsistently. Legal experts warn that this regulatory ambiguity could foster corruption, encourage illegal practices, and undermine public trust.
📄 A Reuters report highlights the growing concern among legal professionals, who argue that without a standardized framework, the sale and use of seized crypto assets may remain opaque and vulnerable to abuse.
#Binance
📝 Stay Updated, and follow our profile!😎
ATTENTION: According to data from #Bitbo , China has sold approximately 194,000 BTC, valued at around US$ 16 billion. This positions China as the second-largest holder of Bitcoin$BTC after #EUA , reflecting a complex and strategic stance towards cryptocurrency assets.
📄 Chinese local governments have been selling seized cryptocurrencies through private companies like Jiafenxiang. These companies have reportedly facilitated the sale of more than 3 billion yuan in digital assets since 2018. The proceeds are typically converted to yuan and transferred to local government financial departments.
📄 However, the process is raising concerns due to the lack of national regulation or legal clarity regarding the management of seized cryptocurrencies. As a result, different regions of #China are dealing with these assets inconsistently. Legal experts warn that this regulatory ambiguity could foster corruption, encourage illegal practices, and undermine public trust.
📄 A Reuters report highlights the growing concern among legal professionals, who argue that without a standardized framework, the sale and use of seized crypto assets may remain opaque and vulnerable to abuse.
#Binance
📝 Stay Updated, and follow our profile!😎
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BTC
95,054.85
-0.09%