The UK government is looking into selling a large amount of Bitcoin
Officials from the Home Office and the Treasury, including Chancellor Rachel Reeves, are collaborating with the police to prepare for a potential sale. A system to hold the Bitcoin is also being developed ahead of any decision to sell, according to a report by The Telegraph.
The total amount of Bitcoin held by the UK is not public, but it includes at least 61,000 BTC, worth over $7 billion. These were seized in connection with a 2018 Chinese fraud case.
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However, there are still legal issues being addressed. Victims of the original scam have requested that the Bitcoin be returned to them.
Susie Violet Ward, who leads the Bitcoin Policy UK group, posted on X that the report about Bitcoin sales was “sensationalism over substance” and added that no sale should happen until the matter is resolved.
Freddie New, also from Bitcoin Policy UK, shared in a post on X that any sale would need to follow the UK’s crime laws.
These rules stated that recovered assets should first be used to compensate victims if a court orders it. The rest could then go to the Treasury and police, or other recovery teams.
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