A Small Town in Illinois Moves to Sell Confiscated Bitcoins

vernon-hills

A small town located outside of Chicago is about to sell some bitcoin.

The village of Vernon Hills, Illinois, is currently in possession of roughly $10,000 worth of the digital currency, according to The Chicago Tribune. That amount, seized during a criminal investigation by local police, is set to be sold off in the days ahead. Local officials approved a plan to use Coinbase to sell the confiscated coins during a town meeting on 24th January.

While not as flashy as one of the US Marshals’ bitcoin auctions or the $19m worth sold in Australia last year, the Vernon Hills story illustrates the questions local jurisdictions face when coming into possession of bitcoin following a criminal investigation.

The Tribune quoted Vernon Hills finance chief Nikki Larson, who told town officials:

“[Bitcoins are] used to facilitate transactions online, but because the village doesn’t have a use for bitcoins we’re recommending that the village share be accepted and then subsequently converted into US currency.”

Curiously, it won’t be the last time that Vernon Hills receives a small windfall – which will be directed to local police coffers – from a bitcoin bust.

In the months ahead, local police are

Read more ... source: CoinDesk

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