The local State Tax Inspectorate firstly provided the procedure of reselling and auctioning the seized cryptocurrencies. The list of digital tokens included only three cryptocurrencies with a total value exceeding 6 million euros. Login Casino always informs its readers about the latest cryptocurrency news and lists the other countries that use the same approach to the exempted assets.
The Lithuanian State Tax Inspectorate experienced the new financial procedure for the first time. Thus, the state officials went to auction and were selling seized digital assets. According to the reports, the overall amount of earned money was about 6.4 million euros.
This procedure took the whole day as the process was absolutely new for the state financial body. Among the tokens that were traded were Monero, Ethereum, and of course, Bitcoin. All the received money was redirected to the national treasury.
How frequent is a suchlike practice in other countries?
Lithuania is not the first country that has used a similar approach with the seized digital assets. Thus, the appropriate US organization (Marshals Service) has already auctioned more than 4000 BTC. Some other countries have similar intentions. For instance, Belgium and Romania have already announced the same selling procedure in the nearest time.
However, that is not the only variant of dealing with the confiscated crypto assets. The Finnish government has decided not to go to auction as reselling the digital assets can return them to swindlers' hands. At the moment, Finland has more than 16 million dollars in cryptocurrency assets.
Read more: Understanding the core difference between Ethereum and Bitcoin
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