Finland is looking to hire a broker to sell 1,981 bitcoins seized in drug bust
- Finland is looking for a broker to sell 1,981 bitcoins seized in drug busts, Bloomberg reported.
- The bitcoins, worth more than $82.4 million at time of publication, are currently with Finnish Customs.
- Hiring a broker, the government said, will allow for the safe and reliable selling of cryptocurrencies.
- For more stories go to www.BusinessInsider.co.za.
Finland is looking to hire a broker to sell 1,981 bitcoins seized in drug busts to convert them into hard currency, Bloomberg first reported.
The bitcoins, worth more than $82.4 million at time of publication, are currently with Finnish Customs.
According to Pekka Pylkkanen, the authority's director of financial management, a broker will ensure the safe and reliable selling of cryptocurrencies.
The country's customs authority is expecting to sign up to three brokers for a two-year agreement valued at roughly €250,000 (R4.3 million) and could reach as much as €2 million (R35 million) in the event of more seizures, Bloomberg reported. The range takes into consideration the volatile price movement of the assets.
Most of the seized bitcoins (1,666 out of 1,981) were confiscated in 2016 after the arrest of Finnish drug dealer Douppikauppa, according to The Block. The government, at that time, told authorities they were prohibited from storing the coins on virtual currency exchanges and must keep them off digital platforms.
The customs authority was reportedly looking to sell as early as 2018 but feared this might fall into the hands of criminals yet again, The Block reported.
The rocketing price of bitcoin, however, seems to have prompted Finnish authorities to liquidate.
Multiple countries in recent years have sold cryptocurrencies seized during criminal investigations with the US first taking the step in 2014.
Get the best of our site emailed to you every weekday.
Go to the Business Insider front page for more stories.