China seized the sale of encryption to clarify the tanks with the slowdown of the economy: Report

According to what local governments in China seek to drop the loading that were seized while facing the challenges due to the country’s ban on the circulation of encryption and exchanges.

The lack of rules on how the authorities that the encryption should deal with have been dealt with “inconsistent and mysterious curricula” that can enhance some fear of corruption and lawyers He said Reuters for April 16 report.

Chinese local governments use private companies to sell encrypted currencies seized in foreign markets for cash to renew public tanks, according to Reuters, citing transactions and court.

According to what was reported, local governments held about 15,000 Bitcoin (BTC) at a value of $ 1.4 billion at the end of 2023, and sales were an important source of income.

China has an estimated 194,000 BTC of approximately $ 16 billion, and is the second largest bitcoin pregnant behind the United States, According to To bitbo.

The professor of the University of Chunongan for Economics and Law told Chen Shi Reuters that these sales are “a temporary solution, not fully in line with the current ban of China on the trading of encryption.”

The case has been exacerbated by the high crime related to encryption in China, from online fraud to money laundering to illegal gambling. In addition, the state filed a lawsuit against more than 3,000 people involved in money laundering in 2024.

China’s encryption reserve floats as a solution

The Shankhn Guzio’s lawyer saw his headquarters that the central bank is in a better position to deal with the seized digital assets and must be sold abroad or a coding reserve.

Ru Haiyang, Co-CEO at Hong Kong Crypto Exchange Hashkey, repeated the proposal that China may want to maintain Bitcoin’s confiscation as a strategic reserve as US President Donald Trump does.

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A sovereign encrypted box was created in Hong Kong, where the encryption trading is legal, as suggested.

This issue has gained attention amid trade tensions in the United States of China and the United States and Trump’s plans to organize Stablecoins and promote growth and innovation in the encryption industry.

Many industrial monitors suggested that the tariff response in China can reduce the value of the local currency, which may lead to a journey to encryption.

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