Main notes
- China seized more than $ 59 billion in crimes related to encryption in 2023 alone.
- Local governments quietly sell the symbols confiscated abroad.
- The country has about 15,000 bitcoin symbols, with no national rules book.
It seems that the Chinese pile of encrypted currencies that seized continues to increase its size and larger. While the encryption circulation is officially banned in the country, digital symbols are not recognized as legal assets, it appears that the authorities do not face a problem in converting these currencies into cold and difficult money.
With encryption adopting reaching its highest levels, Internet criminals rush to seize the opportunity. Fraud, money laundering and illegal gambling that involve digital assets flourish.
In 2023, the Chinese authorities sued more than 3,300 individuals in cases of crimes related to the cryptocurrency, with the total value of the illegal activity reaching about $ 59 billion, or nearly ten times the previous year.
As a result, the government now has a large size of the seized digital assets, but it still lacks a clear national framework for managing or organizing it.
Do not know the great hideout of Chinese encryption what to do
Some local governments, under pressure from the economic slowdown, have recruited private companies to sell bitcoin sources and other symbols in foreign markets. One company has helped liquidate more than $ 400 million of encryption since 2018. profits have been used to fill in local government budgets.
For more complicated matters, according to what China has owned about 15,000 Bitcoin symbols through local ruling seizures, at a value of approximately $ 1.4 billion. This makes it one of the largest encryption holders in the world, second after the United States.
The two clear options of the Chinese government
The Chinese government may continue to take advantage of the seized encryption assets for its own benefit, although its citizens do not have the same freedoms. After the re -election of Donald Trump, the United States announced plans to create a national coding reserve using the confiscated digital assets.
China appears to be considering a similar path, but it lacks a clear legal structure or a national strategy to manage its growing possessions.
This may be a clear way for China, a path that may pay the price of Bitcoin in the short term. The other option is to give the official nature to what they are already doing by introducing legal and transparent frameworks.
New Times brings new challenges, and it appears that the chest of the digital treasure in China has become of great value to ignore it.
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Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.
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