- According to Bloomberg, Finland is looking for brokers to sell 1,981 bitcoins seized in the drug bust.
- These bitcoins were valued at more than 82.4 million U.S. dollars at the time of release and are currently in the custody of Finnish customs.
- The government stated that hiring a broker will allow the safe and reliable sale of cryptocurrencies.
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Finland is seeking to hire brokers to sell 1,981 bitcoins seized in drug enforcement to convert them into hard currency. Bloomberg First report.
These bitcoins were valued at more than 82.4 million U.S. dollars at the time of release and are currently in the custody of Finnish customs.
According to Pekka Pylkkanen, director of financial management of the agency, the broker will ensure the safe and reliable sale of cryptocurrencies.
The country’s customs authorities are expected to sign a two-year agreement with up to three brokers worth approximately 250,000 euros (4.3 million rand), and if more seizures occur, up to 2 million euros (35 million rand), Bloomberg Report. This range takes into account the price fluctuations of the asset.
After the arrest of Finnish drug dealer Douppikauppa in 2016, most of the seized bitcoins (1,666 out of 1,981) were confiscated. BlockAt the time, the government told the authorities that they were prohibited from storing these coins on virtual currency exchanges and had to keep them away from digital platforms.
According to reports, the customs authorities hope to sell as early as 2018, but worry that it may fall into the hands of criminals again. Block Report.
However, the soaring price of Bitcoin seems to have prompted the Finnish authorities to liquidate.
In recent years, many countries have sold cryptocurrencies seized in criminal investigations, and the United States took this initiative for the first time in 2014.
