German state auctions $13.6 million worth of Bitcoin
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German state auctions $13.6 million worth of Bitcoin

Saudu Clement
Saudu Clement

According to local reports from German business newspaper Handelsblatt, the German state of North Rhine-Westphalia has received a nod from Justice Minister Peter Biesenbach to begin an auction for all the Bitcoin it has confiscated.

The auction will be held for a total of 215 Bitcoins, valued at about $13.6 million as of press time, on the official website of the Administration of Justice.

On Monday, a total of 15 auctions commenced with lots ranging from 0.1 to 10 BTC. Meanwhile, someone is currently offering 56,130 Euros ($65,178) per BTC, roughly 2% higher than the current spot price of Bitcoin. The higher bidder will receive a paper wallet with a QR code.

Thus far, authorities have not been able to explain why auction participants are placing bids above the market value.

Interestingly, even though all of the seized Bitcoin were gathered from drug busts conducted by law enforcement agencies, the tokens the buyers will receive will not be tainted in any form as authorities have built new wallets for the auction.

The higher bidder will receive a paper wallet with a QR code.

Similarly, customs authorities in Finland announced back in July that it was ready to sell its Bitcoin fortune.