TechFlow news, April 17 — According to Reuters, despite China's ban on cryptocurrency trading, local governments are currently selling these digital assets through private companies in overseas markets to supplement fiscal revenues, a practice that has raised regulatory and compliance concerns. In 2023, the value involved in cryptocurrency-related crimes in China surged to 430.7 billion yuan, while local government income from confiscations reached a record 378 billion yuan. Currently, due to the lack of unified regulations, local authorities primarily rely on private firms to dispose of seized cryptocurrencies in overseas markets. According to insiders, lawyers are working with senior judges and police officials to discuss rule revisions, changes that could soon alter how confiscated virtual currencies are handled.
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