Need To Liquidate Confiscated Bitcoin Calls For New Laws In Belgium

Belgium’s justice minister, Koen Geens, has advised the government that the country’s laws need to cover virtual currencies like bitcoin, according to HLN. He wants the legal obligations that apply to the financial sector to apply to virtual money, which to date has not been subject to the established law.

Geens is reportedly trying to determine how the government can liquidate bitcoins seized in criminal cases. These include 1,050 bitcoins seized in two separate drug cases, valued at more than $1.2 million.

No Established Law For Bitcoin

While most of the bitcoins could be immediately liquidated, officials do not have an established way to sell the bitcoins. Geens said the law does not offer the guidance needed to address cryptocurrency seized from criminal activities because the laws were established prior to bitcoin’s creation.

“All of our anti-abuse legislation is based on the responsiveness of an intermediary in the financial sector and networks that we know like banks,” Geens told VRT news.

Read more ... source: CryptoCoinsNews

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