China Sells 194,000 BTC Worth $16 Billion in Seized Crypto Assets Amid Economic Slowdown

China is reportedly selling seized cryptocurrency assets despite an existing trading ban, according to a Reuters report. Local governments are engaging private firms to liquidate these assets for cash to support public budgets. China holds approximately 194,000 Bitcoin (BTC), valued at around $16 billion, making it the second-largest holder of Bitcoin globally, following the United States. This move comes amid a slowdown in China's economy, prompting the government to seek alternative funding sources.

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