Have you ever thought about where the forgotten or unclaimed property went?
In the United States, millions of people forget their money accounts every year, or forget the property they deserve. When these assets are forgotten and unclaimed for a long time, the bank or other organization will hand over the custody of the property to the state government until the owner is determined. This process is called escheatment.
With the rapid development of cryptocurrencies, the states began to transfer the goal of “property transfer” to cryptocurrency in order to seek rich potential profits. This is undoubtedly a banner of supervision and doing money-raising.
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On July 21st, BeInCrypto media reported: "The New York Parliament proposed a new bill, the unclaimed cryptocurrency will be considered abandoned, will allow the government to liquidate it and transfer it to the vault.
So far, Illinois, Colorado, Kentucky, Tennessee, and Utah all have the same property collection bill. They also define cryptocurrency as an asset, and if unclaimed, they may also be "confiscated."
It is foreseeable that under the increasing regulatory pressure, the enactment of this law may cause a series of problems, especially those with cryptocurrency payment functions, such as exchanges, companies that accept bitcoin payments, and third parties. The custodians must be prepared to meet this law. If they ignore this law, they will likely receive “inexplicable” litigation from investors in the future.
There will be more problems in the future
As more and more people and companies view bitcoin and cryptocurrencies as legitimate payment methods, there may be more unclaimed property problems.
Before analysing the impact of this property collection bill on cryptocurrencies, we first figure out the problem of cryptocurrency "holders."
In most cases, those Bitcoin investors or miners will have bitcoin in the cold wallet. If the private key is lost or forgotten, the bitcoin will sink into the sea, so there is no need to consider the holder's problem. The country is also unable to obtain it.
But if you put the currency in exchanges, wallet suppliers, custodians, etc., the situation is different.