TechFlow, July 20 — According to the UK's Daily Telegraph, Chancellor of the Exchequer Rachel Reeves is considering selling seized cryptocurrencies held by the government to help alleviate national financial pressures. The Home Office is working with police to develop an official cryptocurrency storage system to handle the sale of bitcoins and other digital currencies.
It is estimated that the value of seized cryptocurrencies held by the UK government amounts to at least £5 billion. One single law enforcement operation in 2018 confiscated 61,000 bitcoins from a Ponzi scheme, which are now worth over £5.4 billion at current prices.
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