A Town in Illinois Just Announced It’s Holding a Bitcoin Sale

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vernon-hills

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

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 last year during a criminal drug investigation by local police and federal agencies, 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 village has a population of about 25,000 people, according to US Census data.

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

Read more ... source: CoinDesk

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