Government Reinforces Control Over Seized Cryptocurrencies as Russia Contemplates Auction, while US Conducts Audits
The world of cryptocurrency continues to captivate governments, as both Russia and the United States demonstrate increased engagement with digital assets. In the United States, the government is undertaking a comprehensive audit of its substantial Bitcoin holdings, while Russia is working on procedures to convert seized Bitcoin into state revenue.
The U.S. government's Bitcoin reserve, estimated to be around 198,000 BTC, is valued at approximately $16 billion, according to data from Arkham Intelligence. This reserve is the result of forfeitures over the years, with the government previously selling some seized crypto but retaining a significant portion. In contrast, Russia's approach involves immediate liquidation of seized Bitcoin, as seen in the case of Marat Tambiev, a former investigator, where Bitcoin worth over 1 billion rubles was forfeited.
The U.S. government's audit follows earlier directives related to establishing a Strategic Bitcoin Reserve and is not intended for active selling. This approach differentiates it from Russia's immediate liquidation plans. Dmitry Aristov, head of the Russian Federal Bailiff Service, has called Bitcoin "a problematic asset," and has emphasized the need for new legislation to govern its circulation in Russia.
The audit results could offer valuable market insights, according to David Bailey, CEO of BTC Inc. Bailey suggests that the audit results might answer many of the open questions about the recent price action. The audit, which is expected to conclude this Saturday, is a significant step in the U.S. government's efforts to understand and manage its digital asset stockpile.
In Russia, legislation recognizing cryptocurrency as property is still under development, with no finalized law yet. The adoption date remains uncertain, and no specific timeline for enactment has been officially announced. Despite this, a bill to legally recognize crypto as property, simplifying seizures, has reportedly been sent to the Russian government.
The actions of these two global powers carry weight in the evolving digital economy. As governments continue to grapple with the complexities of cryptocurrency, their decisions will undoubtedly shape the future of this burgeoning sector.
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