Finnish government has $23 million worth of confiscated Bitcoin by the authorities
- Finnish government has around 2000 Bitcoin.
- The cryptocurrencies were confiscated during raids by authorities in past years.
- Confiscated coins are not allowed to be stored online.
In a report from the Finnish government, they noted that across they had around 2000 Bitcoin, in which was confiscated by authorities within the country, during raids, most of which in 2016. Their latest report covers guidelines on how they will be storing these seized cryptocurrencies, in which they previously declined to comment on how this would be done. Reports being covered by Bloomberg, citing treasury sources.
The government made it clear that the coins will not be allowed to be stored on any virtual exchanges, they will instead need to be kept offline, a wallet that does not have any form of web connection, this was a notice to all authorities handling the confiscations.
Further within the report covered by Bloomberg, it notes that the cryptocurrencies may be exchanged for Euros. In terms of the potential sales, these should take place via public actions, rather than virtual exchanges.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
