US EditionRachel Reeves eyes £5bn Bitcoin sale to help plug black hole
- Rachel Reeves is preparing the autumn Budget, focusing on tax hikes due to a fiscal shortfall exceeding £20 billion.
- The government is creating a system for police forces to sell more than £5 billion in seized crypto assets.
- Victims of Jian Wen's fraud scheme will receive some proceeds from the crypto sale, but experts believe the Treasury can benefit as well.
- Experts believe that untraceable victims' proceeds will allow the Treasury to use the funds to address the fiscal gap.
29 Articles
29 Articles
UK Bitcoin Sell-Plan Faces Hurdles, Market Watches Closely News ETHNews
The UK cannot sell £5B in seized Bitcoin yet; Chinese authorities and victims legally contest ownership of the assets. Liquidating £5B of BTC risks flooding markets, potentially causing short-term price drops based on past large sell-offs. The UK government intends to sell Bitcoin worth over £5 billion. Authorities seized these digital assets, primarily from criminal investigations. Officials plan to use the funds to help reduce the country’s bu…
Chancellor warned against Bitcoin fire sale
Representatives of the British cryptoasset sector have urged Chancellor Rachel Reeves to not sell the UK’s Bitcoin holdings, calling for long-term support over an immediate windfall. Reeves is looking at the possibility of selling off at least £5bn worth of Bitcoin, held by the Home Office after seizing the assets from criminals, according to reporting in the Independent. Though the prospect of adding a few billion pounds to the Treasury may be …
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