Finland is trying to solve confiscated Bitcoin storing issue. This is reported by Bloomberg.
The crux of the problem is that authorities handling the coins won’t be able to store them on virtual currency exchanges due to bureaucratic problems. They have to store them offline. This is said in the documents, seen by the Bloomberg.
Most of the coins have been confiscated in raids conducted since 2016. There is no info how the coins were stored until now.
The official guidelines states that Finland authorities can’t treat Bitcoin or its crypto competitors like a currency. It’s an asset that, as a rule, can’t be used or accepted as a means of payment or as an investment, according to the Treasury document.
Cryptocurrencies seized by the Finnish state can be converted into euros after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges, which can be untrustworthy and opaque, the Treasury said.
Finnish state can convert seized crypto to euros only after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges the Treasury said.