China Sales Sales Crypto for Cash Office because the economy is slow down: Report

Local governments in China are allegedly seeking ways to transfer the cried confiscated as they face challenges due to the country’s ban on crypto trading and exchange.

Lack of rules on how authorities should submit the seized cropto “inconsistent and opaque approaches” so that some fear could encourage corruption, lawyers told Reuters for report 16 April.

Chinese local governments use private companies to sell seized cryptocurries in offshore markets in exchange for cash for public cash register, reuters reported, quoting transactions and court documents.

Local governments are reported, about 15,000 Bitcoin (Btc) It is worth $ 1.4 billion at the end of 2023. years, and sales are a significant source of income.

China has about 194,000 BTC worth about $ 16 billion, and the second is the biggest Bitcoin holder behind us, toward That bitbo.

The University of Economic and Legal Right Zhonnan Chen Shi told Reuters that these sales were “an improvised solution that, strictly, is not fully fully in line with Chinese crippting ban.”

The question has deteriorated crime growth related to crypto in China, ranging from network fraud to laundering money on illegal gambling. In addition, the state sued more than 3,000 people involved in crypto in laundering the crypt 2024. Years.

China Cripto Reserve floats as a solution

Lawy lawyer Shenzhen Guo Zhihao classified that the Central Bank was better set up to engage in the seized digital means and to either sell them both abroad or build crypto reserves.

Ru Haijang, co-ceo on Hong Kong Cripto Exchange Hashkei, echoed a suggestion that says China may want to keep Bitcoin as Strategic reserve As US President Donald Trump works.

Related: Bitcoin Jumps as Spot China traders ‘Slaber Yuan’ Garp, but US Trading War Caps $ 80K BTC Rally

The creation of the crypt’s sovereign fund in Hong Kong, where the proposed and crypto trading was legal, it was also proposed.

This question gained attention in the middle of directing American trade tensions and Trump plans to regulate stablecoins and encourages growth and innovation in the crypto industry.

Several industry observers have propose that China’s tariff response could result in local currency devaluation, which may result flight for crypto.

Journal: An illegal arcade disguised as … Fake Min Bitcoin? Tree soldiers in China: Asia Express