South Korea to Dispose of 216 Bitcoins in First Public Auction

The South Korean government will hold its first public auction of bitcoins that were seized from criminal proceeds, according to local publications. In doing so, the economic value of bitcoin will be recognized by the country for the first time.

The Korea Asset Management Corporation (KAMCO) has decided to auction off 216 bitcoins of criminal proceeds seized in April, according to local publications on Wednesday. KAMCO is a government-owned asset management company in South Korea. It manages state-owned properties, collects overdue taxes, as well as purchases and resolves non-performing loans of financial institutions.