Confiscated Bitcoin (BTC) and Ether (ETH) Will Be Put Up for Auction In Romania

An amount of Bitcoin (BTC) and Ethereum (ETH) that was confiscated by Romanian authorities in a criminal case is going to be put up for auction in the country. According to a local report, the National Agency for the Management of Seized Assets (ANABI) of the country has said in a press release that it will soon start the auction of these seized Bitcoins and Ethers.

First-ever cryptocurrency auction in Romania

The first-ever auction of cryptocurrency “which is required by the ruling pronounced by the Prosecutor’s Office upon Ploiesti Court” is being conducted by the National Agency for the Management of Seized Assets (ANABI) of Romania. An amount of confiscated Bitcoin (BTC) and Ether (ETH) will be presented in the auction.

Reportedly, the price for 0.6 BTC will start from 30,535 Romanian Lei ($ 7347) while on the other hand, the starting price for 0.97 ETH has been set up at 1670 Romanian Lei ($ 401). ANABI has said that anyone can take part in this auction. However, they are required to register themselves first on the online auction platform of the ANABI.

Moreover, the winner must need to provide certain information related to the address linked with the digital currency exchange for transferring digital currencies. The agency emphasized that it should be a proper legal platform. ANABI said in a press release:

“Taking into account the nature of the moveable property put up for auction, the successful tenderer will have to inform the Agency, to proceed with the transfer, about the BTC and ETH public addresses associated to a virtual currency trading platform.”

Adding more to it, ANABI said that the platform should be “a legal entity that should subdue to the legislative norms of operating the state financial instruments where it is registered as legal entity.”

Furthermore, ANABI added that as a legal platform, it should implement the policy of Know Your Customer (KYC) for the registration and identification of users in an attempt to avoid unauthorized login.

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