China Grapples With Criminal Crypto Cache
China is grappling with an increasing volume of cryptocurrencies seized from illegal transactions, prompting local governments to seek methods for disposal and sparking calls for clearer, nationwide regulations, according to a Reuters report on Tuesday.
Currently, with cryptocurrency trading officially banned on the mainland and digital tokens not recognized as legal tender or assets, local authorities have been employing private companies to convert seized Bitcoin and other cryptocurrencies into cash. These funds are then used to replenish local government coffers, which are facing strain from a slowing economy, as evidenced by transaction and court documents reviewed by Reuters.
However, this decentralized approach is drawing…
