Finland is looking to hire a broker to sell 1,981 bitcoins seized in drug bust
- Finland is looking for a broker to sell 1,981 bitcoins seized in drug busts, Bloomberg reported.
- The bitcoins, worth around $79 million at time of publication, are currently with Finnish Customs.
- Hiring a broker, the government said, will allow for the safe and reliable selling of cryptocurrencies.
Finland is looking to hire a broker to sell 1,981 bitcoins seized in drug busts to convert them into hard currency, Bloomberg first reported.
The bitcoins, worth around $79 million at time of publications, are currently with Finnish Customs.
According to Pekka Pylkkanen, the authority's director of financial management, a broker will ensure the safe and reliable selling of cryptocurrencies.
The country's customs authority is expecting to sign up to three brokers for a two-year agreement valued at roughly €250,000 ($297,000) and could reach as much as €2 million in the event of more seizures, Bloomberg reported. The range takes into consideration the volatile price movement of the assets.
Most of the seized bitcoins (1,666 out of 1,981) were confiscated in 2016 after the arrest of Finnish drug dealer Douppikauppa, according to The Block. The government, at that time, told authorities they were prohibited from storing the coins on virtual currency exchanges and must keep them off digital platforms.
The customs authority was reportedly looking to sell as early as 2018 but feared this might fall into the hands of criminals yet again, The Block reported.
The rocketing price of
Multiple countries in recent years have sold cryptocurrencies seized during criminal investigations with the US first taking the step in 2014.
- No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector
- I wore the same outfit for a week, as part of a productivity hack promoted by Steve Jobs — but it didn't really work. After speaking to psychologists, I'm not surprised.
- Maruti cars to cost you more from January next year
- Best portable photo studios in India
- Best spike guards for home use in India
- Dell Latitude 7320 Review — A good-looking compact convertible let down by the keyboard
- SaaS firm RateGain’s IPO opens tomorrow — should you invest?
- Global digital advertising accounted for 64.4% of all advertising in 2021, up from 60.5% in 2020: GroupM report