China is reportedly selling seized cryptocurrency assets despite an existing trading ban, according to a Reuters report. Local governments are engaging private firms to liquidate these assets for cash to support public budgets. China holds approximately 194,000 Bitcoin (BTC), valued at around $16 billion, making it the second-largest holder of Bitcoin globally, following the United States. This move comes amid a slowdown in China's economy, prompting the government to seek alternative funding sources. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io