As of the end of 2023, the Chinese authorities owned approximately 15,000 BTC in the amount of $ 1.4 billion. Sales were carried out using private companies, such as Jiafenxian, which since 2018 sold cryptocurrencies for $ 409.5 million by order of the authorities of several Chinese cities.
According to Professor Zhenan University of Economics and Chen Shi, the actions of officials contradict the official ban on cryptocurrency trading.
Chinese lawyers and judges are actively discussing the need to develop a unified legal framework on such assets. Against the backdrop of a geopolitical confrontation between the United States and China, the issue of using confiscated cryptocurrencies acquires strategic importance, summed up in Reuters.
Earlier, Vaneck experts said that China and Russia are calculating energy resources in bitcoins, which is a step towards creating an alternative financial system independent of SWIFT, sanctions and the US dollar.
Source: Bits
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