British want to sell Bitcoin for $ 7 billion – the market is getting nervous
- The British plan of the sale of the sold bitcoins for seven billion dollars is blocked by the Chinese fraud victims who want their money back.
- The tension in the market increases because the government wants to enforce the sale, but court decisions make this step complicated.
The British government is preparing for a large Bitcoin sale and wants to make at least 61,000 BTC money, which had been confiscated in 2018 as part of a criminal investigation against Chinese fraudsters. The sale is expected to bring in around $ 7 billion after the Bitcoin course rose to over 123,000 USD for a short time last week. The step is coordinated by the Ministry of the Interior, the Ministry of Finance and the law enforcement authorities as part of a more comprehensive tax strategy.
The focus of the upcoming sales focuses on bitcoins, which was confiscated by the Chinese Jian Wen, who was sentenced to six years and eight months in prison in May 2024. Who had tried to wash money from a snowball system operated by Tianjin Lantian Gerui Electronic Technology by using cryptocurrencies to buy luxury properties. The British police confiscated the Bitcoins during an operation in 2018.
While the preparations for the sale are going, the legal situation is unclear. The fraud victims and Chinese authorities call for the return of the confiscated Bitcoin. said Susie Violet Ward, CEO von Bitcoin Policy UK. Susie Violet Ward, CEO von Bitcoin Policy UK, says:
“The British bitcoins are still legally controversial. The Chinese authorities and the victims demand them back. As long as this legal dispute has not been clarified, no sale can take place. ”
Course increase carries risk of political tensions
The sudden increase in the BitcoIN course is a key factor for the time. Since the value of the confiscated cryptocurrency is currently estimated at over £ 5 billion, government officials see them as a potential bridging measure for the need for income. Aidan Larkin, CEO from Asset Reality, comments:
“I believe that digital assets will lead to great blessing for government agencies and the public sector over the next five to ten years.”
However, there are concerns. Some officials argue that action during a market high could lead to missing future profits if Bitcoin continues to rise. Others warn of possible losses if the price falls after sale because the cryptoma market is unpredictable.
The sales plan is also difficult by logistical hurdles. A government order for the management of confiscated cryptocurrencies worth £ 40 million was canceled in early July after no suitable offers had been received. The planned “Crypto Storage and Disposal Framework” should support the safe handling and liquidation of digital assets in the possession of the British police.
Ministry of Finance wants the billions – but the court decides
Although the first reports indicated in January that the Ministry of Finance was urging Bitcoin sales to stuff household holes, the legal situation is unclear. So far, no sale can be done without judicial approval and clarification of international claims.
If this is the case, the liquidation of such a large amount could influence the Bitcoin market. The United Kingdom is not the only country with large confiscated crypto stands, but the extent of this sale has attracted worldwide attention due to the legal and financial effects. The result in this case depends heavily on the next steps in court and in a diplomatic way.
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