Romania’s government is set to auction confiscated cryptocurrency for first timeRomania’s government is set to auction confiscated cryptocurrency for first time

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Romania’s National Agency for the Management of Seized Assets will auction off small amounts of Bitcoin and Ether — a first in the country’s history.&nbsp;” data-reactid=”19″>Romania’s National Agency for the Management of Seized Assets will auction off small amounts of Bitcoin and Ether — a first in the country’s history. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The auction’s cryptocurrency was confiscated from a fraud case. In the auction, 0.97 of ETH will start at 1,670 Romanian lei ($403 USD) and 0.6 BTC begins at 30,535 lei ($7,382.56 USD). ” data-reactid=”20″>The auction’s cryptocurrency was confiscated from a fraud case. In the auction, 0.97 of ETH will start at 1,670 Romanian lei ($403 USD) and 0.6 BTC begins at 30,535 lei ($7,382.56 USD).

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Bidders must be a legal entity, company with “know your customer” procedures, and meet Romania’s requirements of financial laws to fight money laundering. The winning bidder must also provide data on addresses associated with cryptocurrency exchange.&nbsp;” data-reactid=”21″>Bidders must be a legal entity, company with “know your customer” procedures, and meet Romania’s requirements of financial laws to fight money laundering. The winning bidder must also provide data on addresses associated with cryptocurrency exchange. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Romania is not the first country to hold a state-run auction on cryptocurrency used in financial crimes. ” data-reactid=”22″>Romania is not the first country to hold a state-run auction on cryptocurrency used in financial crimes.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In February of 2020, the United States Marshal Service auctioned 4,040 bitcoins ($37 million worth) that were confiscated through various federal criminal, civil, and administrative proceedings, as previously reported.” data-reactid=”23″>In February of 2020, the United States Marshal Service auctioned 4,040 bitcoins ($37 million worth) that were confiscated through various federal criminal, civil, and administrative proceedings, as previously reported.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="UK police auctioned off £300,000 ($369,000) of criminally seized Bitcoin, Ethereum, XRP, and Bitcoin SV on Sept. 26, 2019. ” data-reactid=”24″>UK police auctioned off £300,000 ($369,000) of criminally seized Bitcoin, Ethereum, XRP, and Bitcoin SV on Sept. 26, 2019.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="©&nbsp;2020&nbsp;The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.” data-reactid=”26″>© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.