The Lithuanian Tax Authority sells confiscated cryptocurrencies for $7.5 million… Details here
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Answer The Lithuanian Tax Authority sells confiscated cryptocurrencies for $7.5 million… Details here
In the first operation of its kind in the European country “Lithuania”, offered Lithuanian government digital currencies confiscated by legal authorities for sale.
The Lithuanian State Tax Authority sold 6.4 million euros (about 7.6 million dollars) of Ethereum, Bitcoin and Monero, and converted these digital currencies into fiat currencies to be deposited in state coffers.
It is worth noting that the sales process and related transactions took one day.
The Lithuanian tax authority told that it would be easier from here on out to exchange confiscated cryptocurrencies for fiat currencies.
Irina Gavrilova, Director of Debt and Tax Administration at the Lithuanian Tax Authority, stated that the agency is now familiar with the process of selling digital currency for the euro, and will feel more comfortable doing so with future digital currency seizures, telling:
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It took almost a day to convert cryptocurrency to Euro.
The whole process was new to tax officials, from acquiring forfeited cryptocurrencies to selling them.
According to the authority, the funds were confiscated in February 2020.
There were no details on how the state tax authority would sell cryptocurrencies, although it was noted that the Lithuanian government agency created a crypto wallet to receive funds from legal agencies directly.
Government crypto confiscations are becoming increasingly common, as law enforcement agencies continue to crack down on crimes involving cryptocurrencies such as Bitcoin.
The crime-fighting authorities have also become more informed about the uses of encrypted digital currencies in crime and fraud, which means maturity in dealing with them, and thus preparing laws and regulations that control them.
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