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UK Treasury Plans to Sell Over £5 Billion in Bitcoin Assets to Alleviate Fiscal Deficit

Summary: According to reports, UK Chancellor of the Exchequer Rachel Reeves is considering selling seized Bitcoin assets to plug the public fiscal deficit. The assets, valued at over £5 billion, include 61,000 Bitcoins seized from a Chinese Ponzi scheme in 2018, now worth approximately 20 times more. In line with the plan, the UK Home Office ...

According to reports, UK Chancellor of the Exchequer Rachel Reeves is considering selling seized Bitcoin assets to plug the public fiscal deficit. The assets, valued at over £5 billion, include 61,000 Bitcoins seized from a Chinese Ponzi scheme in 2018, now worth approximately 20 times more. In line with the plan, the UK Home Office is pushing to establish a 'Cryptocurrency Asset Custody and Disposal Framework' to centrally manage and sell such assets. Currently in the tender stage, the maximum sales commission is set at £40 million. (The Telegraph)

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