RATE Group | Competition Among Seized Bitcoin Auctions Might Get Tougher
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Competition Among Seized Bitcoin Auctions Might Get Tougher

10 Mar Competition Among Seized Bitcoin Auctions Might Get Tougher

Posted at 21:00h in Bitcoin News by

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Competition Among Seized Bitcoin Auctions Might Get Tougher 101
Source: iStock/grejak

Belarus could join the growing ranks of countries that allow government agencies and police forces to seize and auction cryptoassets, closing legal loopholes that currently bar the seizure of digital coins.

In an interview, Ivan Noskevich, the head of the Belarusian Investigative Committee, told state-run broadcaster Capital TV that his organization had requested that government draw up new criminal procedure legislation that will allow law enforcement agencies to confiscate crypto.

Across the border in Russia, the Ministry of Internal Affairs has led efforts to create a similar legislative proposal, which could allow crypto seizures by the end of 2021.

If Minsk introduces the legislation, cryptocurrencies confiscated by police and other law enforcers could eventually be put up for auction.

For example, in Ireland, independent auctioneer Wilsons Auctions is set to host the country’s first-ever public cryptocurrency auction, with over some USD 125,255…

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