Bitcoin and Ethereum at auction, history repeats itself

Bitcoin and Ethereum at auction, history repeats itself

By Roberto D. | CryptoFarm | 8 Oct 2020


Reading between the lines of some authoritative newspapers in Romania, it is possible to notice a rather singular news. In the course of the previous days, in fact, the first process of selling Bitcoin and Ethereum at auction would have started. The amount of both cryptocurrencies would be part of a more complex confiscation process, in respect of non-legal actions.

In fact, it is not surprising that, especially due to the structural characteristics of cryptocurrencies, in a sector with a high percentage of illicit uses, the two most used currencies are Ethereum and Bitcoin. Over the past few years, especially from 2017 onwards, they have both had the strength to increase attention to them. Although with their ups and downs, typical of any cryptographic assets, they have been taken into consideration on many transversal projects.

 

Bitcoin and Ethereum At Auction: Here Are The Required Procedures

According to an announcement a few days ago, issued directly to the national agency for the management of seized assets (ANABI), Romania would be ready to start a first Bitcoin and Ethereum auction sale over the next few days.

The auction, as expressed in the statements, would concern cryptocurrencies seized by the competent authorities and strictly linked to illegal purposes (fraud).

Beyond the news, it is important to consider, as BTC and ETH, representing the two largest cryptocurrencies in the world, constantly generate considerable attention and interest within the market.

In this regard, it is important to know how the event will work and which characteristics must be fulfilled in order to consider the whole process in accordance with the law.

The first step to be taken, for all intending ones, will concern the official registration within a special online auction platform. In addition, precise indications were sent regarding the transfer and the channels to be used. Specifically: given the essence of real movable assets (ie transferable), all the successful bidders of the cryptocurrencies must promptly notify the Agency of the addresses and the choice of the currency exchanger.

ANABI itself, also in the press release, specifies that all the platforms related to the process must comply with the operating laws and must necessarily possess the so-called KYC protocol. The "Know Your Customer" is now considered a point of reference within many exchanges or exchanges worldwide and aims to ensure greater protection and to prevent, as far as possible, any illegal money laundering.

Selling Bitcoin and Ethereum at auction, however, would not be new practice. For information purposes, in fact, I remind you of the 2017 auction in Australia of 24,518 BTC, or that of 2018, in Bulgaria, the result of a record seizure of about 213,000 Bitcoins.


What do you think of auctions involving crypto assets? Let me know yours in the comments.
As always, thank you if you have come this far, and see you next time!

 

 

 


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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016 Telegram channel: https://t.me/freewaystoearn


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