{"id":22311,"date":"2025-04-16T09:17:09","date_gmt":"2025-04-16T09:17:09","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22311"},"modified":"2025-04-16T09:17:09","modified_gmt":"2025-04-16T09:17:09","slug":"chinese-local-governments-consider-selling-seized-crypto-amid-trading-ban","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22311","title":{"rendered":"Chinese Local Governments Consider Selling Seized Crypto Amid Trading Ban"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Local governments in China are exploring ways to liquidate seized crypto, navigating a legal gray area created by the country\u2019s strict ban on crypto trading and exchanges. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/world\/china\/china-debates-how-handle-criminal-crypto-cache-2025-04-15\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">an April 16 report by Reuters<\/span><\/a><span data-preserver-spaces=\"true\">, the absence of clear regulations on handling confiscated digital assets has led to inconsistent practices and raised concerns over transparency and corruption.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Chinese Authorities Use Private Firms to Sell Seized Crypto Offshore<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Citing court and transaction records, Reuters revealed that some local authorities have turned to private firms to sell seized crypto holdings in offshore markets. They then convert them into cash to bolster public finances. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">These efforts have reportedly generated significant income. By the end of 2023, local governments collectively held around 15,000 Bitcoin (BTC), worth roughly $1.4 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">China is currently estimated to hold about 194,000 BTC valued at $16 billion. This makes it the world\u2019s second-largest national Bitcoin holder, trailing only the United States, according to Bitbo data.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Chen Shi, a professor at Zhongnan University of Economics and Law, told <\/span>Reuters<span data-preserver-spaces=\"true\"> that the current approach is a \u201cmakeshift solution\u201d and not fully in compliance with China\u2019s blanket crypto ban.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">CNBC: <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f1e8-1f1f3.png\" alt=\"\ud83c\udde8\ud83c\uddf3\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> CHINA WANTS BITCOIN<br \/>This flips the entire game.<\/p>\n<p>When one of the world\u2019s biggest economies starts buying <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">$BTC<\/a>\u2026 <\/p>\n<p>You think $109K is the top? Think again. <a href=\"https:\/\/t.co\/TUH71xx8tC\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/TUH71xx8tC<\/a><\/p>\n<p>\u2014 Merlijn The Trader (@MerlijnTrader) <a href=\"https:\/\/twitter.com\/MerlijnTrader\/status\/1912083487173079274?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">April 15, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The issue is further complicated by a rise in crypto-related crimes across the country, including fraud, illegal gambling, and money laundering. In 2024 alone, more than 3,000 individuals were prosecuted for crypto-related money laundering activities.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Legal experts and industry insiders have proposed alternative strategies for managing the assets. Shenzhen-based lawyer Guo Zhihao suggested that the People\u2019s Bank of China take over responsibility for seized crypto and consider selling it abroad or converting it into a national reserve.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ru Haiyang, co-CEO of Hong Kong-based exchange HashKey, supported the idea, noting that China could follow the US example of using forfeited Bitcoin as a strategic asset.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some have also <\/span><span data-preserver-spaces=\"true\">floated the idea of<\/span><span data-preserver-spaces=\"true\"> establishing a sovereign crypto fund in Hong Kong, where crypto trading is legally permitted. The debate comes as US\u2013China tensions rise and Donald Trump moves to tighten oversight of stablecoins while encouraging crypto innovation.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2>Chinese Citizens Use Offshore Exchanges to Trade Crypto<\/h2>\n<p><span data-preserver-spaces=\"true\">Despite a nationwide ban on crypto trading and mining in recent years, many Chinese citizens continue to access digital currencies through offshore exchanges, peer-to-peer platforms, and VPNs. These workarounds have made enforcement more complex.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As tensions grow over how seized cryptocurrencies should be handled, discussions among policymakers intensify. Legal experts suggest that the lack of clear national guidelines has led to inconsistent practices and increased the risk of mismanagement or corruption.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-meme-coin-icos\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best Meme Coin ICOs to Invest in April 2025<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"editor-rtfLink\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Chinese local governments are using private firms to sell seized crypto offshore, raising concerns about transparency and legal consistency.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">China holds an estimated 194,000 <\/span><span data-preserver-spaces=\"true\">BTC,<\/span><span data-preserver-spaces=\"true\"> but lacks clear national guidelines on managing confiscated digital assets.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Legal experts <\/span><span data-preserver-spaces=\"true\">are calling<\/span><span data-preserver-spaces=\"true\"> for centralized oversight or a sovereign crypto fund as crypto-related crime and enforcement challenges rise.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/chinese-local-governments-consider-selling-seized-crypto-amid-trading-ban\/\">Chinese Local Governments Consider Selling Seized Crypto Amid Trading Ban<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Local governments in China are exploring ways to liquidate seized crypto, navigating a legal gray area created by the country\u2019s strict ban on crypto trading and exchanges. According to an April 16 report by Reuters, the absence of clear regulations on handling confiscated digital assets has led to inconsistent practices and raised concerns over transparency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-22311","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22311"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22311\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}