Finland: Authorities Unsure How To Store 2,000 Seized Bitcoins After Treasury Guidelines

Authorities in Finland are trying to devise a means to store 2,000 bitcoins confiscated in 2016, following new guidelines from the Treasury published Tuesday, Feb. 20, Bloomberg reported.

According to Bloomberg, citing the Treasury guidelines, the authorities are prohibited from storing the Bitcoin stash, worth roughly $22.8 mln today, on virtual currency exchanges or services, instead requiring that they be stored offline, in a cold storage. Finnish authorities have declined to comment on how they’ve been storing the seized Bitcoin up to this point.

Previously existing statutes on seized currency are insufficient to address the problem. Citing a Treasury document, Bloomberg states the Finnish government prohibits authorities in this case from considering Bitcoin or any other crypto asset as currency. Rather it is an asset that “…as a rule, can’t be used or accepted as a means of payment or as an investment”…

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