Bitcoin News
By Julie Binoche
1 / 11
The United Kingdom may be preparing to sell up to $7 billion worth of seized Bitcoin in an effort to support its national budget, according to a recent report by The Telegraph.
2 / 11
The UK’s plan involves offloading over £5 billion ($6.7 billion) in Bitcoin that is currently in government possession.
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While UK police usually handle the sale of seized crypto assets, the Treasury’s involvement this time is notable given the substantial size of the Bitcoin cache and the ongoing…
4 / 11
Despite the economic motivations, the plan has criticism and concern. Crypto advocates and legal experts have cautioned that the assets are still part of an unresolved legal…
5 / 11
The legal complexities revolve around the fact that victims in China reportedly lost yuan—not Bitcoin.
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Freddie New, head of policy at Bitcoin Policy UK, explained that any asset sale would be governed by the UK’s proceeds of crime legislation.
7 / 11
However, New also pointed out that this case has a unique wrinkle—because the victims’ losses were in yuan, and the stolen Bitcoin may now be worth much more than the original…
8 / 11
The UK government has already taken steps toward building a more formal crypto asset management structure. In May, it issued a tender for a £40 million ($53.
9 / 11
The idea of selling Bitcoin to cover public spending is not without opposition. Crypto advocates have urged the UK to consider holding onto the assets instead of selling them…
10 / 11
Bitcoin Policy UK echoed this sentiment in a July 2024 communication to the government, recommending that officials update legal frameworks to allow the state more discretion in…
11 / 11
As of now, the fate of the seized Bitcoin remains uncertain. While the Treasury appears eager to convert the digital holdings into cash to plug fiscal gaps, legal and diplomatic…
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