Reeves could be set for more than ￡5 billion of seized Bitcoin to help balance the nation's books (Image: Getty)
Rachel Reeves has been urged to turn to seized cryptocurrency in an attempt to address the much lamented ￡22bn black hole in the nation’s finances.
Since coming to power, the Chancellor has introduced a series of controversial measures intended to generate funds to tackle shortcoming in the country’s balance sheet and it is believed that cryptocurrency seized from organised criminals in a major money-laundering investigation into Chinese fraud could help her do just that.
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￡5.2 billion Bitcoin was recently seized by Jian Wen, a former Chinese takeaway worker who was jailed for six years in 2024 for money laundering.
The sum far exceeds the amount that controversial policies such as the removal of the winter fuel payment and introduction of VAT for private schools is expected to generate.
Wen, who had earned just ￡6,000 working at a Leeds takeaway before becoming involved in the criminal enterprise came to the attention of authorities after attempting to purchase a London mansion for ￡23.5 million.
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The Chancellor has introduced several controversial measures to generate funds since taking office (Image: Getty)
A subsequent investigation led police to uncover 61,000 Bitcoins in digital wallets.
Former Tory chancellor Norman Lamont urged immediate action, telling the Mail: "I think that Reeves should spend it right away and not hold onto it. Otherwise it looks like the Government is legitimising crypto."
Sir Jacob Rees-Mogg added: "If this money does come to rest in the Treasury's coffers, Rachel Reeves must make use of it as soon as she can."
The Bitcoin is believed to have originated from an investment scam conducted in China between 2014 and 2017 masterminded by Yadi Zhang who is set to face trial in London this September.
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If seized, the money would generate four times as much as the removal of the winter fuel payment (Image: Getty)
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Wen came into contact with Zhang after answering an advert for a job as a butler.
She later claimed to be acting as Zhang’s carer before becoming involved in laundering Bitcoin into cash, jewellery and luxury items.
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The Crown Prosecution Service (CPS) is now seeking permission from the High Court to seize the fund and invest back into the public purse.
Legislation introduced in 2023 enables seized cryptocurrency to be sold and transferred to the Government's Consolidated Fund at the Bank of England, which stores money seized by UK authorities.
Germany has taken similar action in recent months, having sold 50,000 Bitcoins seized from a defunct piracy site for ￡2.3billion last year.