The Victorian government will sell off $9.3 million worth of Bitcoins, when the price is right

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Millions of dollars worth of bitcoins seized from a Victorian drug dealer will be sold by the state government on the open market in coming months.

The digital currency stash was confiscated from 32-year-old Richard Pollard who was sentenced to 11 years jail last October for commercial trafficking.

Fairfax Media reports the 24,500 coins were worth $32 million in late 2013 when they were seized, and fluctuated to a peak of $1100 a piece, but are now estimated to be worth about $9.3 million.

The Victorian Department of Justice and Regulation’s Asset Confiscation Operation has been waiting for the right time to sell the digital currency in order “to get the best value”.

The Department has not said how it plans to sell the coins but confirmed that the proceeds would go towards the state’s consolidated revenue.

Read more here.

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