Lithuania’s tax authority has sold the cryptocurrencies it previously seized for 6.4 million euros (approximately $7.6 million). The three cryptocurrencies confiscated were bitcoin, ether, and monero. This was the first time the tax authority sold seized cryptocurrencies.

Lithuania Sold Seized Cryptocurrencies

The State Tax Inspectorate (STI) under the Ministry of Finance of the Republic of Lithuania announced Tuesday that it has sold the cryptocurrencies it confiscated in February and transferred 6.4 million euros to the state budget. The tax authority explained that this is the first time it has sold seized cryptocurrencies.

Irina Gavrilova, Director of the STI Non-Payment Administration Department, commented:

The whole process was new for the tax administrator, from the takeover of the confiscated cryptocurrencies to their sale.

She added that in the future, it will be much easier and faster to sell seized cryptocurrencies. “The smooth conversion of cryptocurrencies into euros took almost a…

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Source: https://news.bitcoin.com/lithuania-6-4-million-euros-seized-cryptocurrencies/