UK Chancellor of the Exchequer may sell confiscated bitcoins
Bloomberg analysts suggest the asset liquidation will provide an opportunity for new Chancellor of the Exchequer Rachel Reeves to demonstrate support for the technology sector. To restore the country's economy, the chancellor may use the first cryptocurrency.
In March, experts from the Arkham Intelligence platform discovered a wallet associated with the UK Cabinet Office containing 61,245 BTC. Most of the assets were confiscated during an investigation into the fraudulent scheme in 2018.
Bloomberg noted that Rachel Reeves may do the same as former British Prime Minister Gordon Brown, when between 1999 and 2002, under his leadership, 401 tons of gold from the country's reserves were sold.Â
In addition to additional budget financing, the sale of bitcoins will allow the Conservative government to emphasize support for the stateâs digital industry, analysts say.
