According to the Telegraph, the British Chancellor of the Rachel Reeves exchange which plans to sell a value of 5 billion pounds sterling of assets Bitcoins seized to fill a massive difference in public finances.
The Ministry of Internal Affairs, to start with the police, began to work to establish an official system to sell this big stock of cryptocurrency.
The total value of cryptocurrencies entered by the police is unknown, but in 2018, 61,000 bitcoins belonging to a Pyramidal program based in China were seized. At the time, the active workers operated approximately 270 million pounds sterling, but with Bitcoin achieving $ 123,000 (around £ 92,000) last week, they are now working more than 5.4 billion pounds sterling.
The governal plans to develop a “police custody and a sales framework” to store and sell these digital assets safely. It is not yet clear what part of the processes of the application of the sale. When the victims remain unidentified, the Treasury is known to receive a larger part.
Economists claim that the government will have to collect up to 20 billion pounds of funding for this fall. High information and interest rates increase borrowing costs, while low economic growth is a weight on income. The Treasury was considering alternative sources of income, including tax increases.
In particular, the positive measures taken by the Donald Trump administration to cryptocurrencies in the United States and the adoption of the first national cryptocurrency law, the gender law led to a significant increase in Bitcoin prices. These developments are extended to inspire strategies similar to the United Kingdom. In use, Trump administration aims to create a national reserve using the confiscated $ 3.4 billion dollars.
In the United Kingdom, the head of the British reform Nigel Farage defends the United Kingdom to create a national Bitcoin reserve, but the Labor party Haas rejects the proposal due to the high volatility of cryptocurrency.
* These are not impact advice.