UK Government Considers Utilizing Seized Bitcoin to Address Budget Deficit
The UK government is contemplating the sale of approximately £5 billion worth of Bitcoin, seized from criminal activities, to mitigate a £22 billion public finance shortfall. The cryptocurrency was confiscated from Jian Wen, who was involved in laundering proceeds from a £7 billion fraud scheme. Initially valued at £1.4 billion, the seized Bitcoins worth has now risen to around £5.2 billion. Former Conservative Chancellor Lord Lamont advocates for the immediate sale of these assets to support government finances and avoid legitimizing crypto holdings. The Crown Prosecution Service is seeking High Court permission to allocate the funds to the Treasury.
Read more: http://ccxnews.com/uk-government-considers-utilizing-seized-bitcoin-to-address-budget-deficit/
Text source: CCx News.com
