The customs authority of Finland is planning on selling a massive amount of seized Bitcoins in an auction. As reported by the national broadcaster of the country Yle, an amount of 1981 BTC will be available for auction, which was confiscated during a drug investigation. The current impressive price rally of the world’s largest digital currency, Bitcoin, might have propelled Finland’s Customs Department’s decision to sell these BTC.
Reportedly, these Bitcoins were confiscated when the authority took into custody a native drug dealer back in the year 2016. Initially, the intention of the authority was to sell this amount of seized BTC in the year 2018. However, the authority could not act upon its plan and dropped this idea because of some concerns regarding the circulation of funds.
But now, the authority has finally decided to conduct the sale of these confiscated Bitcoins. This amount of BTC is now worth more than $80 million, as of the time of writing.
An official from the Finnish Customs Department, Pekka Pylkkänen, said in a statement that there are some risks linked with cryptocurrency funds’ circulation as they might get into the hands of criminals. However, Pylkkänen said that they do not have got any other option apart from selling these seized Bitcoins. While outlining other alternatives for these funds, the official said that they could have destroyed these funds or handed them over to the government agencies. But he said that they did not consider these options realistic; therefore, they chose to go with the sale of these funds.
Also read:Adding more to his comments, Pylkkänen said that they would try to sell these seized funds as early as they could within the duration of the next few months. Pylkkänen did not reveal anything further regarding this, saying that he does not think that it will make sense to disclose further explanation regarding this matter.
This decision of the Customs Department of Finland has come at a time when the price value of the leading digital currency has broken above the figure of $41k to set a new all-time high value. The coin’s sentiment is completely bullish at the moment. The 50k breakout also seems imminent now.
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