While the crypto market has been steering several into its industry, the government continues to bust scammy projects. Lithuanian government seems to be making the right use of the funds acquired in a past seize. As the price of Bitcoin has been on an uphill journey, selling the king coin or any other crypto coin can bring in immense profits.
Lithuanian Government Sells Bitcoin, Ether and Monero
At the time of writing, the price of Bitcoin had just pushed beyond $19K becoming more profitable than it was in the last two years. As per a recent announcement made by the State Tax Inspectorate [STI] of Lithuania which is the country’s tax authority, several cryptocurrencies were sold.
Previously, the country’s tax authority had seized crypto assets including Bitcoin [BTC], Ethereum [ETH] as well as Monero [XMR]. Recently, STI sold cryptocurrency worth 6.4 million euros, and the funds were further appended to the budget of the state. The STI revealed that conversion of these assets into fiat had taken about a day. The tax authority had to prep before converting crypto into fiat. In the process, they created a digital currency wallet that was previously confiscated.
The director of the State Tax Inspectorate Irina Gavrilova commented on the same and said,
“The whole process was new for the tax administrator, from the takeover of the confiscated cryptocurrencies to their realization.”
Furthermore, the director added that it would be more easygoing for the tax authority to sell seized cryptocurrencies in the future. While the STI did not mention the process and the execution of the selling of the assets, the tax authority seems to have made the right use of confiscated crypto.
Bitcoin in the meantime was headed towards $20K. The king coin was seen trading for $19,105.01. Over the last 24-hours, BTC had surged by 3.57%. ETH had, however, slumped below $600 despite acquiring gains of over 25% in the last seven days.