China’s Seized Crypto: Selling Off Assets Amidst Economic Slowdown

Facing financial challenges due to its crypto ban, China is reportedly selling seized digital assets. Local governments are utilizing private companies to offload Bitcoin and other cryptocurrencies in offshore markets for cash to replenish public coffers, according to Reuters, citing transaction data and court documents. This approach has yielded significant revenue, with local governments holding an estimated $1.4 billion worth of Bitcoin as a result. While this tactic is generating income, it highlights the lack of clear regulations regarding seized cryptocurrency handling in China.