German Authorities to Sell $14M Worth Crypto Due to Risks

The Bavarian Public Prosecutor's Office issued an order to sell the seized cryptocurrency; main reason - price drop risk
29 May 2018   692

Concerns over the possibility of a further decline in the prices of digital assets forced the German authorities to sell the confiscated bitcoins and other crypto-currencies for an amount equivalent to $ 14 million, CoinDesk reports.

The Bavarian Public Prosecutor's Office issued an order to sell the seized cryptocurrency on February 20, when the bitcoin rate returned to $ 10,000 after reaching a minimum below $ 6,000.

The liquidation of the cryptocurrency took about two months. A total of 1,312 bitcoins, 1 399 Bitcoin Cash, 1 312 Bitcoin Gold and 220 Ethereum were sold for 1,600 transactions through the German trading platform.

All crypto coins were confiscated during two ongoing investigations of Bavarian law enforcement agencies dealing with cyber security. Although the charges in these cases have not been brought to the present time, German laws allow the liquidation of confiscated assets if there is a risk of their loss.

Since all cryptocurrencies are exposed to the risk of high price fluctuations or even total loss, the Bayern Central Office of Cybercrime ordered an emergency sale.

German state prosecutors 

As the department will dispose of the proceeds, it is still unknown, since the final decision on the cases was not rendered.

Bank of China to Issue $2.8B Blockchain Bonds

Bank used its own DLT system to issue blockchain bonds
09 December 2019   54

The fourth largest state bank, the Bank of China, has issued two-year blockchain bonds for small businesses totaling $ 2.8 billion.

To issue digital certificates, Bank of China used its own blockchain system.

It is also the first blockchain-based bond issue accounting system in the country.

Bank of China

Securities will go on sale with an interest rate of 3.25% per annum.

Thus, the bank hopes to raise funds to support small businesses in the country. As of September, as part of this initiative, the bank provided loans to small and micro enterprises for a total of $ 57.7 billion.