Finnish Authorities Debating Concerning How to Liquidate Seized Bitcoins

News / 01.03.2020

For some years now, Finnish authorities have seized Bitcoins valued at millions. However, they do not know how to liquidate them.

Bitcoins confiscated some years ago have prompted debate regarding the best way of liquidating them. Local reports have it that the number of Bitcoins seized by Finnish Customs Service is 1,666.

The agency seized them from drug dealers several years back. However, the date of confiscation was unrevealed.

Finnish authorities are not considering auctioning off the seized cryptocurrency due to worries that the liquidation would return them onto the cryptocurrency market, where they could be utilized by criminals again.

The reason seems very unthinkable because the liquidation of any asset would possibly put funds in the hands of criminals, be it real estate, vehicles, or any other thing.

Some nations, like the United States and certain European nations, have auctioned cryptocurrencies confiscated from criminals. It seems to have become a frequent practice of the United States Marshal’s Office as it has frequently held auctions towards the conversion of digital currency to fiat.

In Oct. 2019, the United Kingdom police auctioned off cryptocurrencies valued at 240,000 Euros confiscated from the teenage cybercriminal Eliott Gunton.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.