China sells its bitcoin through exchanges de Hong Kong

The Beijing Municipal Public Security Office, in China, officially announced its intention to liquidate its holdings in Bitcoin (BTC) and other cryptocurrencies, as part of a process to standardize the management of cryptoactive ones seized through the so -called “Beijing model.”

As news and local media agencies disseminate, the information was announced through a statement published in the official Wechat account of the security agency.

The letter indicates that the authorities have been looking for legal mechanisms that allow them SELL CRYPTIVES SEEN. This, taking into account the prohibitions that exist in China since 2021 of making transactions with cryptocurrencies.

To solve the problem, this June 6 an agreement was signed with the Beijing Stock Exchange (CBEX), which will be the entity responsible for managing the seized cryptocurrencies. In this way, the bag will be responsible for appointing external agencies to liquidate cryptocurrencies through regulated exchanges that operate in Hong Kong.

“The income from these sales will be converted to Yuan For cryptocurrency liquidation in the hands of the State.

It is a procedure with which it seeks to address the growing number of criminal cases related to Bitcoin that are being presented in China, and that are leaving the authorities an important balance of cryptocurrency holdings, police reported.

In that sense, the statement does not clarify what is the amount of holdings in BTC that the agency plans to sell, or all confiscated cryptocurrencies that are handled in the country. Nor does it indicate whether the procedure only applies to cryptocurrencies that are obtained in upcoming seizures.

He adds that, following the provisions of the laws, no authority in the country must administer or maintain these seizures in their coffers, so it was only necessary to clarify the mechanisms that can be used for liquidation.

Although it is not explicitly indicated, this statement seems to agree with information that has been circulating since January of this year, noting that China has been selling its holdings in Bitcoin.

It is an amount that It is estimated in 194,000 BTCaccording to the calculations of Buy Bitcoin Worldwide and that according to the CEO of the firm Cryptoquant, Ki Young Ju, they have been mobilizing since 2019. “To the point that everything has already been sold.”

As cryptootics has reviewed, unofficial information about the sale of Bitcoin seized in China became stronger last April.

At that time it was learned that the governments of the provinces are liquidating cryptoactives Product of seizures, turning them into millions of yuan.

The mechanism used follows some of the steps of the “Beijing model”, since it is known that governments of cities such as Xuzhou and Taizhou delegate to private companies the sale of these assets in international exchanges.

However, the commitment of the Beijing Municipal Public Security Office raises a more legal and ideal procedureby involving the Stock Exchange and Exchange of Hong Kong, an administrative region linked to China that is emerging as a HUB of cryptocurrencies.