According to data from Bitbo, China has reportedly sold appr...

According to data from Bitbo, China has reportedly sold approximately 194,000 $BTC , valued at around $16 billion. This positions China as the second-largest holder of Bitcoin after the United States, reflecting a complex and strategic stance toward cryptocurrency assets. Chinese local governments have been offloading seized cryptocurrencies via private firms such as Jiafenxiang. These companies have reportedly facilitated the sale of over 3 billion yuan in digital assets since 2018. The proceeds are typically converted into yuan and transferred to local government finance departments. However, the process is raising concerns due to a lack of national regulation or legal clarity regarding the management of seized cryptocurrencies. As a result, different regions across China are handling these assets inconsistently. Legal experts warn that this regulatory ambiguity could foster corruption, encourage illegal practices, and undermine public trust. A Reuters report highlights the growing concern among legal professionals, who argue that without a standardized framework, the sale and use of seized crypto assets may remain opaque and vulnerable to abuse. #China #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#