China is exploring the disposal rules for confiscated cryptocurrency assets

ChainCatcher news, according to Reuters, despite China's ban on cryptocurrency trading, local governments are currently selling these digital assets in overseas markets through private companies to supplement fiscal revenue, a practice that has raised regulatory and compliance concerns. In 2023, the amount involved in cryptocurrency-related crimes in China surged to 430.7 billion yuan, with local government confiscation revenue reaching a record 378 billion yuan. Experts suggest that the central government consider centralized management of these assets, possibly emulating the Trump administration's establishment of a cryptocurrency reserve, or setting up a cryptocurrency sovereign fund in Hong Kong.