Australia has plans to sell off a considerable amount of bitcoins, the cryptocurrency favored by shady online folk, this June. 24,518 bitcoins confiscated by police will be auctioned off by financial services firm Ernst and Young in 2,000 blocks, an amount that equals just over a million US dollars given the current conversion rate. Australian authorities wouldn't specify where the bitcoins come from other than to say it was in conjunction with a crime. However, as the BBC points out, reports from 2013 indicate a similar quantity of bitcoins were seized in an online drug bust in Victoria. The upcoming auction will be open to bidders worldwide and could help set a precedent legalizing the currency for use in Australia, where it's still undergoing regulatory approval.

Source:
courtesy of ENGADGET

by Joseph Volpe

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