China Plans Major Bitcoin Sale to Address Budget Shortfalls

China is set to launch a major cryptocurrency initiative aimed at funding local government budgets. Documents indicate that 15,000 Bitcoins confiscated in past investigations will be sold on international exchanges, potentially raising around $1.2 billion. This sale will proceed after legal approval and coordination with private firms. The move has raised concerns about market volatility, as experts anticipate the influx of Bitcoin could impact prices significantly.