The Finnish authorities are trying to find a way to store 2,000 confiscated bitcoins in 2016, following the new directives of the Ministry of Finance published Tuesday, February 20, reported Bloomberg.
According to Bloomberg, citing Treasury directives, the authorities are prohibited from storing the Bitcoin hiding place, valued at about $ 22.8 million today, on virtual currency exchanges or services, requiring, on the contrary, that they are stored offline, in a cold warehouse. The Finnish authorities refused to comment on how they stored the Bitcoin seized up to this point.
Existing currency laws are insufficient to solve the problem. Citing a treasury document, Bloomberg states that the Finnish government forbids the authorities in this case to consider Bitcoin or any other crypto asset as currency. It is rather an asset that “can not, as a general rule, be used or accepted as a means of payment or as an investment”.
Following a binding judicial decision on the confiscation of the 2,000 bitcoins, the seized goods will be converted into euros by the Finnish State at public auctions, because the Treasury considers that trade is “untrustworthy and opaque”.
This will not be the first case where the cryptocurrencies seized in criminal investigations are auctioned by the state. During the collapse of a trade union of customs offenses in Bulgaria, authorities seized 213,519 Bitcoins, or about $ 2.5 billion today, which the government plans to use to pay part of the national debt .
On January 22, the US Marshal’s Office auctioned 3,813 Bitcoins seized in criminal investigations, some of which, according to Cointelegraph, were seized during the arrest of a major drug trafficker in the state. Utah. At the time, the Marshal’s sum amounted to nearly $ 50 million on trade.