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China Suppresses Bitcoin Despite Ban: They Sell Cryptocurrency! - Coin Newsletter
China's local governments continue to sell confiscated cryptocurrencies despite the ban on crypto trading. This practice is becoming more prevalent as the country's economy slows down.
China's local governments have begun selling confiscated cryptocurrencies obtained from illicit activities to refill public treasuries. According to Reuters, these transactions are carried out through local companies, but it is emphasized that this may increase the risk of corruption and that the processes may not be transparent.
China has banned crypto trading and mining in its mainland, while Hong Kong is pursuing its goal of becoming a crypto hub and establishing a trade licensing regime. Despite this, the Chinese government is collaborating with local firms to put crypto assets up for sale. For example, the Shenzhen-based technology company Jiafenxiang has sold 3 billion yuan (yaklaşık 408 million dolar) worth of cryptocurrencies on offshore markets since 2018 on behalf of several cities in Jiangsu province.
Legal challenges in the sale of cryptocurrency
There are legal challenges on how China should handle the seized crypto assets. However, despite the fact that crypto trading is illegal, it is legal for companies that help the government to carry out these sales. It is stated that this situation is insufficient legal regulations and may lead to the occurrence of non-transparent processes.
China is the world's second-largest national Bitcoin holder with Bitcoin. According to the data, China has around 190,000 BTC. These developments have led to significant debate over crypto regulations and the judicial system.