Home Coins Bitcoin (BTC) Lithuania Rakes in 6.4 Million Euros From Selling Seized Cryptocurrencies

Lithuania Rakes in 6.4 Million Euros From Selling Seized Cryptocurrencies

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Lithuania’s tax authority has sold the cryptocurrencies it previously seized for 6.4 million euros (approximately $7.6 million). The three cryptocurrencies confiscated were bitcoin, ether, and monero. This was the first time the tax authority sold seized cryptocurrencies.

Lithuania Sold Seized Cryptocurrencies

The State Tax Inspectorate (STI) under the Ministry of Finance of the Republic of Lithuania announced Tuesday that it has sold the cryptocurrencies it confiscated in February and transferred 6.4 million euros to the state budget. The tax authority explained that this is the first time it has sold seized cryptocurrencies.

Irina Gavrilova, Director of the STI Non-Payment Administration Department, commented:

The whole process was new for the tax administrator, from the takeover of the confiscated cryptocurrencies to their sale.

She added that in the future, it will be much easier and faster to sell seized cryptocurrencies. “The smooth conversion of cryptocurrencies into euros took almost a day,” the announcement described. The STI explained that the three cryptocurrencies seized were bitcoin, monero, and ethereum. However, it did not provide further information on the seizure or how they were sold.

“In preparation for the conversion of virtual currencies into euros, it was necessary to create a virtual currency wallet — cryptocurrencies received from law enforcement agencies were transferred to it, and the conditions for the sale of the virtual currencies were prepared,” the announcement details.

What do you think about Lithuania selling seized cryptocurrencies? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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