RATE Group | Finnish Customs sits on millions in seized cryptocurrencies | Yle Uutiset
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Finnish Customs sits on millions in seized cryptocurrencies | Yle Uutiset

25 Feb Finnish Customs sits on millions in seized cryptocurrencies | Yle Uutiset

Posted at 16:15h in Cryptocurrency News by

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Bitcoin -kolikkoja tumman taustan päällä.
When the 1,666 bitcoins were first seized by Customs, they were valued at less than 700,000 euros. But since then, the price zigzagged from a peak of 20 million down to 5 million and back up to where it stands now: at 15 million euros.

Image: AOP

Finnish Customs has a 21st century problem. The agency is unsure about what to do with 1,666 bitcoin it seized years ago in a major drug bust, but has not yet converted the cryptocurrency into regular euros.

Customs had plans as recently as the spring of 2018 to auction off its blockchain-based currency but decided against it due to concerns that the virtual money would return to the hands of criminals.

The agency has still not found a solution about what to do about the sums in its bitcoin wallet, the value of which amounted to nearly 15 million euros on Monday according to cryptocurrency exchange rates.

“From our point of view, the problems are specifically related to the risk of money laundering. The buyers of [cybercurrency] rarely…

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