🚨 CHINESE AUTHORITIES ARE SELLING CRYPTO

📰 According to Reuters, local authorities in China are using private companies to sell confiscated cryptocurrencies on foreign markets

💰 in order to boost public budgets amid the economic slowdown.

⚠️ Despite the official ban on cryptocurrency trading, these sales are conducted offshore, with an estimated 15,000 Bitcoins (worth about $1.4 billion) sold by the end of 2023.

❗ This practice operates in a legal gray area and is seen as a temporary solution to replenish local finances, highlighting both regulatory gaps and the financial pressures facing Chinese regions.