Wilsons Auctions, an Ireland-based auction house, announced on Friday that it would initiate the selling of €110,000 (around $125,000) in cryptocurrencies on behalf of the Belgian federal government.
As detailed by the auction house, the online auction will commence on March 24 at 12:00 (GMT) and will run for 24 hours. The auction will be unreserved, meaning the auction house will not set a minimum limit for bids.
All the digital currencies were confiscated by the Belgian government and include Bitcoin, Bitcoin Cash, and Bitcoin Gold.
To attract retail buyers, the auction house will split Bitcoins across lots ranging from 0.25 to 1 Bitcoin, while other cryptocurrency lots will have a higher number of tokens.
Conducted by the Dublin-based entity of the auction house, there is a deposit of €500 (almost $571) registration deposit for buyers willing to participate in the auction.
“Wilsons Auctions is delighted to be holding its next auction of seized bitcoin, even more so because this will be the first of its kind in Ireland,” Mark Woods, asset recovery executive at Wilsons Auctions, said.
A transparent way of liquidation
The auction house also conducted multiple similar auctions for the Belgian government last year. Then, it sold Bitcoin and Monero, also providing storage facilities for the seized digital currencies.
“The format has proven popular with our customers, who are able to bid online and purchase cryptocurrency from an established and trusted auction house instead of utilizing online exchanges, which can be a risky and daunting process,” Woods added.
He also believes that the auction process will provide a “level playing field” to both novices and experienced participating investors.
Meanwhile, the United States Marshals Services last month sold over $37 million worth Bitcoins confiscated by several law enforcements in the country.