Bitcoins Seized In Police Investigations Sold By Vernon Hills
The village of Vernon Hills is looking to enter the cryptocurrency because the officials are looking to sell the bitcoins that get seized from the criminal activities. However, the police officials say they can’t share the exact details and approval has been sent by the village trustees to the Finance Director Nikki Larson for starting the process to sell around $ 10,000 worth of bitcoins that has an involvement in a criminal case.
The transactions are facilitated online by using this as there is no use for the village for bitcoins BTC online. But they recommend that the share of the village will be accepted and then get converted into the American currency.
The conversion is allowed to take place by three action items. They are unanimously approved and support documents. An account with the Coinbase will be created by the Vernon Hills says Finance Director Larson. Additionally, the trustees are authorized to create a new regular account for linking with the account of Coinbase and sell the bitcoins for proceeding directed to the asset forfeiture account of the police department.
As per the website of Coinbase, the bitcoin is not issued or controlled by any government or bank. It is an open network managed by its users. The Finance Director says that selling prices of bitcoin fluctuate daily and ranges anywhere between $700 and $900 per coin. She also says that the Vernon Hills will go through the sale process for a second time in the later part of the year because the police officials are in the last stages of another crime bust.
A statement was issued by the Kim Christenson who is a spokesman for the Vernon Hills police department on 1 February on this matter. She says the department is working on two active investigations in which bitcoins were used by the criminal companies. Further information will be released after completion of these investigations and asset forfeiture attempts.