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The city of Duyun in Guizhou, China is exploring a method for handling seized virtual currencies, where the assets are frozen and then confiscated to a cold wallet for physical isolation.
BlockBeats News: After China strictly banned cryptocurrency trading in 2021, handling and disposal of involved cryptocurrencies has become a thorny issue for public security bureaus across the country. Recently, a journalist from China News Service followed the Ministry of Public Security's "Guardianship in the Sun" rule of law public security thematic publicity event media interview team into the Joint Custody Center of Involved Property in Duyun City, Qiannan Buyei and Miao Autonomous Prefecture, Guizhou Province, to understand the local public security's practical approach to preserving involved cryptocurrencies.
During their investigations, the public security organs found that some criminal suspects had converted their illegally obtained proceeds into cryptocurrencies. In the process of sealing the assets, the Duyun public security authorities froze the involved cryptocurrencies, placed them in a cold wallet physically isolated within the public security authority, and stored them in the Joint Custody Center of Involved Property in Duyun City awaiting court judgment.
The exploration by the Guizhou Duyun public security has provided a "train of thought" for preserving involved cryptocurrencies, while regions are still searching for better solutions. It is reported that the Duyun public security has been focusing on the difficulties in preserving, transferring, and disposing of involved property, actively exploring reforms in the management of involved property, and promoting the establishment of cross-departmental Joint Custody Centers of Involved Property. Since its completion and operation in November 2022, the center has received 24,753 involved items, over 20.4955 million RMB of involved funds, and has centrally kept more than 7,000 case files.
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