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The UK treasury is seeking to promote over £5 billion ($6.7 billion) in seized Bitcoin to assist cut back the nation’s finances deficit, however critics are difficult the possession of the BTC.
That’s in accordance to a report within the Every day Telegraph, which says Chancellor of the Exchequer Rachel Reeves and the Dwelling Workplace are working with legislation enforcement officers to promote the UK’s Bitcoin stash.
Ponzi Scheme Victims Need Their BTC Again
Police deal with seized crypto gross sales within the UK, however Reeves has reportedly stepped in after the crypto market rallied to spice up the worth of the federal government’s holdings.
The whole quantity of Bitcoin the UK authorities holds is unknown, however accommodates no less than 61,000 BTC that was seized from a Chinese language Ponzi scheme in 2018 that was being held within the UK.
These seized belongings alone are price over $7.2 billion with Bitcoin’s value standing at $118,616 as of two:28 a.m. EST.
The potential sale of the seized Bitcoin may face issues, nonetheless, given the truth that the victims of that Chinese language Ponzi scheme have been calling for the return of their Bitcoin since 2024.
UK Desires To Maintain On To Seized Bitcoin
Whereas victims of the Ponzi Scheme push to get their Bitcoin again, the Crown Prosecution Service has requested the Excessive Court docket to let it retain possession of the Bitcoin seized from the scheme.
If the Excessive Court docket approves the request, it may see the Bitcoin offered and break up between legislation enforcement companies.
The pinnacle of coverage at crypto foyer group Bitcoin Coverage UK, Freddie New, mentioned in a July 20 X submit that any sale of the seized crypto would doubtless fall beneath proceeds of crime legislation.
You’ll have seen loads within the press this weekend on the federal government’s plans to promote its confiscated Bitcoin. This thread is to set out what we truly know in regards to the doubtless course of, and what’s more likely to occur absent a change in legislation.
TLDR: Any sale will occur largely as a result of… https://t.co/SwYwZ7gJ1b
— Freddie New (@freddienew) July 20, 2025
Over the previous month, the Bitcoin value has surged nearly 15%, and it’s soared nearly 78% previously yr, in accordance with CoinMarketCap.
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