UK Eyes $7B Seized Bitcoin Sale To Boost Budget: Report
The UK plans to sell over £5 billion ($6.7 billion) worth of seized Bitcoin to address a budget deficit. The Home Office and Treasury are collaborating with law enforcement to manage the sale, which involves at least 61,000 Bitcoin valued at approximately $7.1 billion, seized from a Chinese Ponzi scheme in 2018. Legal disputes from Ponzi victims seeking the return of the Bitcoin may hinder the sale. The Crown Prosecution Service has requested to retain the seized Bitcoin, which could be sold under proceeds of crime laws to compensate victims. Bitcoin Policy UK advocates for the government to retain the asset instead of selling it, citing potential long-term economic consequences. The UK previously sought bids for a crypto storage framework, which was terminated due to lack of suitable proposals.
