In Lithuania, the State Tax Inspectorate sold Bitcoin, Ether and Monero for a total of 6.4 million euros.

The Lithuanian government has sold a considerable amount of cryptocurrency seized by local authorities.

The State Fiscal Inspectorate (STI) is the fiscal authority of the country: the agency sold the confiscated crypto-certificates, obtaining 6.4 million euros which were subsequently added to the state budget.

According to an official statement of 24 November, the assets sold included the main cryptos, Bitcoin (BTC) and Ether (ETH), as well as privacy-altcoin Monero (XMR).

STI stated that this is the first time the agency has auctioned crypto, noting that “the conversion of cryptocurrencies into euros took almost a day”.

Irina Gavrilova, director of the department managing the STI’s tax arrears, commented:

“This is a novelty for our tax authority, from the acquisition of the cryptos to their sale”.

In his view, it will be much easier for the agency to sell such assets in the future.

According to the statement, the STI confiscated the funds at the end of February 2020. The authority did not specify exactly how they were sold, but pointed out that the process required STI to create a wallet to receive the crypto from law enforcement.

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