China is set to embark on a historic exercise to sell all the Bitcoins seized in crime cases in partnership with regulated exchanges in Hong Kong.
Currently, China is reported to be among the top holders of digital assets with 194,000 BTC and 833,000 ETH.
China has announced its intention to sell Bitcoins that were seized in criminal cases on regulated exchanges in Hong Kong. According to the report, this initiative is in collaboration with the China Beijing Equity Exchange (CBEX).
Reviewing the report, we discovered that the authorities plan to convert the marked digital assets into Yuan and deposit them in a designated account. Hong Kong is reported to have been chosen for its reputation as a digital asset hub. As detailed in our previous news coverage, Hong Kong’s Financial Secretary, Paul Chan Mo-po, has confirmed the city’s interest in becoming a dynamic crypto market.
Also, this exercise is the first of its kind since China imposed a crypto ban some years back. As me
