China Taps Hong Kong Exchanges to Unload Seized Cryptocurrencies
The post China Taps Hong Kong Exchanges to Unload Seized Cryptocurrencies appeared on BitcoinEthereumNews.com. China is set to embark on a historic exercise to sell all the Bitcoins seized in crime cases in partnership with regulated exchanges in Hong Kong. Currently, China is reported to be among the top holders of digital assets with 194,000 BTC and 833,000 ETH. China has announced its intention to sell Bitcoins that were seized in criminal cases on regulated exchanges in Hong Kong. According to the report, this initiative is in collaboration with the China Beijing Equity Exchange (CBEX). Reviewing the report, we discovered that the authorities plan to convert the marked digital assets into Yuan and deposit them in a designated account. Hong Kong is reported to have been chosen for its reputation as a digital asset hub. As detailed in our previous news coverage, Hong Kong’s Financial Secretary, Paul Chan Mo-po, has confirmed the city’s interest in becoming a dynamic crypto market. Also, this exercise is the first of its kind since China imposed a crypto ban some years back. As mentioned in our previous news brief, the Country joined Iraq, Russia, and 10 others to impose strict restrictions on digital assets. More About the Upcoming Bitcoin Liquidation According to our research, billions of dollars worth of digital assets could be sold. As of 2023, China had 430.7 billion yuan ($60 billion) worth of assets. Basically, this is more than a twelvefold increase from the previous year. Research shows that this trend has been common amongst economic superpower countries, with the US reportedly holding around 200,000 Bitcoins ($16 billion) in seized assets. According to our recent update, the US is planning to use them to fund its strategic Bitcoin reserve. Data also shows that the UK has more than 61,000 seized Bitcoins. As indicated in our earlier discussion, the UK has been contemplating selling $6.27 billion…
The post China Taps Hong Kong Exchanges to Unload Seized Cryptocurrencies appeared on BitcoinEthereumNews.com.
China is set to embark on a historic exercise to sell all the Bitcoins seized in crime cases in partnership with regulated exchanges in Hong Kong. Currently, China is reported to be among the top holders of digital assets with 194,000 BTC and 833,000 ETH. China has announced its intention to sell Bitcoins that were seized in criminal cases on regulated exchanges in Hong Kong. According to the report, this initiative is in collaboration with the China Beijing Equity Exchange (CBEX). Reviewing the report, we discovered that the authorities plan to convert the marked digital assets into Yuan and deposit them in a designated account. Hong Kong is reported to have been chosen for its reputation as a digital asset hub. As detailed in our previous news coverage, Hong Kong’s Financial Secretary, Paul Chan Mo-po, has confirmed the city’s interest in becoming a dynamic crypto market. Also, this exercise is the first of its kind since China imposed a crypto ban some years back. As mentioned in our previous news brief, the Country joined Iraq, Russia, and 10 others to impose strict restrictions on digital assets. More About the Upcoming Bitcoin Liquidation According to our research, billions of dollars worth of digital assets could be sold. As of 2023, China had 430.7 billion yuan ($60 billion) worth of assets. Basically, this is more than a twelvefold increase from the previous year. Research shows that this trend has been common amongst economic superpower countries, with the US reportedly holding around 200,000 Bitcoins ($16 billion) in seized assets. According to our recent update, the US is planning to use them to fund its strategic Bitcoin reserve. Data also shows that the UK has more than 61,000 seized Bitcoins. As indicated in our earlier discussion, the UK has been contemplating selling $6.27 billion…
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