The Lithuanian Tax Service generated $ 7.6 million from the sale of seized cryptocurrencies

The Lithuanian government sold a number of cryptocurrencies that were seized by local law enforcement agencies.

The State Tax Inspectorate (STI), the country’s tax authority, sold seized crypto assets valued at 6.4 million euros and then added the funds to the state budget.

According to an official announcement dated November 24th The crypto assets seized included the most important cryptocurrencies Bitcoin (BTC) and Ether (ETH) as well as data protection-oriented Altcoin Monero (XMR).

The Lithuanian Tax Service generated $ 7.6 million from the sale of seized cryptocurrencies
The Lithuanian Tax Service generated $ 7.6 million from the sale of seized cryptocurrencies

According to the STI, this is the first time the agency has been selling seized cryptocurrencies for fiat money. “The conversion of cryptocurrencies into euros took almost a day,” the authority stated.

Irina Gavrilova, Head of Tax Arrears Department at STI, said: “The entire process was new to the tax administrator, from controlling the seized cryptocurrencies to realizing them.” He said it will be much easier for the agency to sell seized crypto assets in the future.

According to the announcement, the seized funds were taken over by the STI in late February 2020. The agency didn’t specify exactly how the STI sold the seized assets, but noted that the STI had to create a cryptocurrency wallet in order to obtain cryptocurrencies from law enforcement agencies in order to exchange them.

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