Finnish customs officials have announced plans to sell 1,981 bitcoins, which were mainly confiscated in connection with a criminal investigation into drug trafficking. Most of the Bitcoins seized (1,666) come from the Douppikauppa case, the darknet operator arrested in 2016.
Sell or destroy the coins
According to a report From a Finnish broadcaster, the confiscated bitcoins had an estimated value of USD 800,000 at the time of the confiscation. With Bitcoin now trading over $ 38,000, Finnish Customs can well get over $ 75 million if the coins are sold at current prices.
In the same report, a Finnish customs official is quoted as explaining the process prior to the decision to sell. Official Pekka Pylkkänen reveals the other options that were being considered by Finnish Customs before the final decision was made. Pylkkänen explains:
In the name of the Customs Act, we had the opportunity to hand them over to another government agency or party and destroy them. (However) we came to the conclusion that alternatives other than sales are not realistic.
Before the final decision to unload the seized BTCThe Finnish customs officers had also planned to auction the digital assets in 2018. However, that plan was ultimately abandoned.
Confiscated bitcoins to be sold as soon as possible
Meanwhile, Pylkkänen, who admits that “there is still a risk of funds being diverted to the criminal market”, explains that the decision to proceed with the sale had to be made because “there is none under Finnish law (Finnish customs) Choice but to sell the assets. “
The official adds that Finnish customs plan to sell the digital assets alone or through an intermediary. He stresses that the “Bitcoins will be sold as soon as possible”.
The report also states that once the sale is complete, Finnish Customs will “transfer the money from the sale of Bitcoin to the Treasury”.
What do you think of the Finnish customs decision to sell the confiscated goods? BTC? You can share your thoughts in the comments below.
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