United Kingdom would be considering selling 7.000 billion

The United Kingdom would be considering the sale of more than £5.000 billion ($6.700 billion) in seized Bitcoin to help cover its budget deficit.

The Home Office and the country's Treasury chief, Rachel Reeves, are working with authorities to sell their seized Bitcoin reserves

BTC

100.566 €

and plan to create a system to store the cryptocurrencies and manage the sale, according to The Telegraph on Saturday.

The police manage cryptocurrency sales in the United Kingdom, but the Treasury would be involved given that the cryptocurrency market has rebounded, boosting the value of the government's holdings.

The total amount of seized Bitcoin held by the country is unknown, but it has at least 61,000 Bitcoin, currently valued at around $7.100 billion, seized from a Chinese Ponzi scheme in 2018 that operated in the United Kingdom.

The idea that the United Kingdom could sell its Bitcoin emerged earlier this year, with The Daily Mail and The Times reporting in January that Reeves could sell the Bitcoin reserves to cover the country's deficit.

Cointelegraph reached out to Her Majesty's Treasury (HM Treasury) for comment.$BTC