In a recent Bitcoin news, the small town of Vernon Hills, located just on the outskirts of North of Chicago, is set to be the recipient of an unexpected windfall after the local police department prepares to sell about $10,000 worth of Bitcoin.
Not a first in Bitcoin news, there have been previous instances where much larger sums of the digital currency were sold after being seized following a criminal investigation.
The easiest to recall are last year’s US Marshal auction of 2,700 Bitcoins in 2016 or the 24.5K Bitcoins auctioned off in Australia.
Authorities are yet to know how to handle Bitcoin Busts
This latest piece of Bitcoin news just goes to show how the authorities still don’t have a firm handle on matters pertaining to digital currency, particularly the sums seized from criminal seizures.
Vernon Hills, a town too quaint to have any use for the digital currency, seized the Bitcoins from a recent criminal case after participating in joint investigations with federal law enforcement.
Possibly the most charming facet of this bit of Bitcoin news is the fact that the small town—small enough to be termed a village—is at a loss of what to do with the amount as it is and as such, will be converting it into US currency.
The process of the conversion was unanimously approved by the various entities involved.
Since Bitcoin is a decentralized form of currency that is not regulated by any government institution or bank, not much red tape had to be traversed in the approval process.
This latest segment of Bitcoin news also mentions how the small village will be required to first open an account with Coinbase, a police-friendly online depository, before proceeding with the sale.
Yet another Bitcoin Sale is expected
According to Bitcoin news, Finance Director Nikki Larson received the approval for the Bitcoin sale from the village trustees last month.
Larson also revealed a more interesting side of this news: Vernon Hills will hold yet another Bitcoin sale for the second time this year.
The local police department is currently in the process of finalizing another criminal case involving the seizure of significant amount of Bitcoins.
The Vernon Hills Police Department spokesman Kim Christenson corroborated this piece of Bitcoin news in a brief statement issued early this month.
In the statement, intricate details about the case were omitted, although the spokesperson confirmed that the Vernon Hills police department was in the process of wrapping up two online criminal cases in which a significant amount of Bitcoins would be seized.
In the statement, Christenson also acknowledged the fact that Bitcoin was recognized as a legitimate form of currency in the United States which could be used for legitimate financial reasons.
The spokesperson, however, declined to mention the nature of the crimes being investigated and the criminals involved.
The proceeds from this and any other consequent sales, according to Bitcoin news, will only be used by the Vernon Hills Police department for police-related expenses.