Ethereum

Tornado

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/china-maintains-firm-stance-against-cryptocurrencies/" data-wpel-link="internal">China Maintains Firm Stance Against Cryptocurrencies</a><br></p>
<p style="text-align: justify">Following the mining ban in 2021, China’s clear negative stance towards <strong>cryptocurrencies</strong> remains unchanged. Moreover, the image of cryptocurrency in the country is becoming increasingly darker. The fact that scammers actively use cryptocurrencies has been a matter of periodic warning to the citizens by almost every state.</p> 
<h2 style="text-align: justify" id="china-and-cryptocurrencies">China and Cryptocurrencies</h2> 
<p style="text-align: justify">The Supreme People’s Procuratorate of the People’s Republic of China recently made a new statement regarding cryptocurrencies. This institution is the highest prosecutorial authority in <strong>China</strong>. Therefore, their statements, approaches, or focus on cryptocurrencies are of critical importance. According to the latest announcement by WuBlockchain, they are currently disturbed by cryptocurrency.</p> 
<blockquote> 
 <p style="text-align: justify">“The Supreme People’s Procuratorate of the People’s Republic of China said that new types of cybercrimes using the metaverse and blockchain are constantly emerging. At the same time, they stated that cryptocurrency has become a new field of cybercrime. Cryptocurrencies have turned into the most intriguing method for laundering money and helping criminals transfer fraudulent funds.”</p> 
</blockquote> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-318885 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/Cin-ve-kripto-aciklama.jpg" alt="" width="944" height="531"></p> 
<p style="text-align: justify">The statements made at the press conference on “Punishing Cybercrimes According to Law and Promoting Comprehensive Management of Cyberspace” by the Supreme People’s Procuratorate suggest that more restrictive steps for crypto could be on the horizon in the region. The event where the statements were made was also a forum for discussing measures that could be taken against crimes committed on the internet.</p> 
<h2 style="text-align: justify" id="cryptocurrencies-and-crime">Cryptocurrencies and Crime</h2> 
<p style="text-align: justify">Scammers using decentralized wallets and crypto mixers can easily launder their criminal proceeds and disappear. Despite measures against Tornado and others, it seems impossible to completely prevent this. The biggest advantage in recent years relates to the capability of advanced blockchain intelligence applications to track scammers’ trails.</p> 
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/cryptocurrency-turmoil-binance-case-and-market-reactions/" data-wpel-link="internal">Crypto</a></strong> mixers or other methods may be used, but attackers can still be detected even after years. In the future, widespread use of these methods by law enforcement could create a deterrent environment for scammers (at least for the most part).</p> 
<p style="text-align: justify">However, the other side of the problem relates to state-sponsored or large-scale organizations like Lazarus. The only thing to be done to combat them is to make all popular blockchains “resistant to censorship,” similar to how Ethereum validators implement <strong>OFAC</strong> decisions. If this is necessary to prevent crime, why isn’t it being done? Although it’s a lengthy topic, if we transition to such a crypto world, we will end up with nothing more than a different version of traditional <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a>. When the time comes, those with the power to impose sanctions will likely use this ability arbitrarily, for national interests, pressure, etc., which would probably make Nakamoto turn in his grave.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/china-maintains-firm-stance-against-cryptocurrencies/" data-wpel-link="internal">China Maintains Firm Stance Against Cryptocurrencies</a></h5>

China Maintains Firm Stance Against Cryptocurrencies

Table of Contents

COINTURK NEWS

Other articles published on Feb 23, 2024

StarkNet (STRK) Price Jumps 11% As StarkWare Changes Token Unlocking Schedule

Farcaster Expands Blockchain Integration, Introducing Solana Support as a Leading Feature

Can XRP rebound to December highs? Data suggests…

Unlocking Innovation: The Power of Open AI Ecosystems in Regulation

DeFi protocol blueberry halts operations after exploit

Chuck Norris Price Prediction: CHUCK Trading Volume Soars 175% As Traders Migrate To This 2.0 Mem...

Join our free newsletter for daily crypto updates!