Crypto assets in China continue to come up with the increase in crypto currencies seized despite official illegal transactions. Although crypto tokens are not legal assets throughout the country, the authorities apply various methods to translate these assets in cash. In 2023, more than 3,300 people were tried within the scope of accusations on crypto assets and the total value of illegal transactions was determined as approximately 59 billion dollars.
China’s crypto currencies
Although the authorities cannot document the amount of crypto currencies seized with official figures, the public is informed that these figures are constantly increasing.
The absence of a clear regulation on crypto assets in the country creates uncertainty about how to evaluate the current situation. Under the pressure of economic recession, some local governments are working to support the budget with their income by selling rescued assets in their foreign markets.
China sells crypto money
Some local governments sell Bitcoin and similar assets in agreement with private companies due to economic pressures in their overseas markets. Since 2018, some companies have been reported to have sold over $ 400 million crypto assets. At the same time, local authorities have approximately 15,000 Bitcoin and its value is around $ 1.4 billion.
Intensive crypto -themed operations have prepared the ground for China to have an important share in the world after the US for crypto currency. The recruitment of crypto currencies under state control brings new discussions both economically and legally. However, there is no national strategy for the management of the seized assets.
Authorities focus on two main options to evaluate the seized crypto assets in different ways. The first option is to add the income from the assets to the state budget as the existing applications are maintained, while the other option is to create comprehensive legal regulations and make transparent transactions transparent.
The plans to create national reserves of crypto assets seized in certain periods are one of the ways that the country can follow. Although he embraced crypto currencies via Hong Kong, China has a lot of official strategy on crypto. However, the information that the crypto currencies in the hands of local governments is directed to sale much faster, especially in the circulation.
Developments are taking place in an environment where efforts to make digital assets compatible with state policies continue. This may play an important role in shaping the digital economy and financial system on a global scale.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
