Channels

Winter

Bitcoin

Read

Chinese media are repeating concerns about the use of cryptocurrencies to facilitate corruption. 
Local media published <a href="http://epaper.legaldaily.com.cn/fzrb/content/20240101/Articel04003GN.htm" target="_blank" rel="noopener">a report</a> entitled “Virtual Currency Electronic Gift Cards Open New Channels for Corruption Crimes and Benefit Transfer.” It states that cryptocurrencies, particularly Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), are opening up new channels for corruption and benefit transfer in <a href="https://crypto.news/tag/China/">China</a>. 
In particular, incidents of bribery through means such as red packet transfers and electronic gift cards are becoming increasingly common, and these transactions are difficult to trace due to their secretive nature in the digital sphere. 
<blockquote class="wp-block-quote"> 
 “Gaps and loopholes in relevant systems and mechanisms provide opportunities for some people to seek personal gain and rent-seeking with power. Under such circumstances, if officials do not have a strong sense of integrity and self-discipline and are not determined enough to fight corruption, they can easily slip into the abyss of corruption.” <cite>Peng Xinlin, professor at Beijing Normal University</cite>
</blockquote> 
According to Chinese media, what is needed now is to understand and effectively counter the evolving threats posed by cryptocurrency corruption through strategic legislative and technological solutions. 
In September 2021, Chinese authorities declared all transactions with Bitcoin and other cryptocurrencies illegal and imposed a complete ban on them. At the same time, the Chinese authorities are actively developing <a href="https://crypto.news/china-nears-end-of-its-multi-year-cbdc-pilot-ex-pboc-governor-says/">the digital yuan</a>. 
China <a href="https://crypto.news/china-accelerates-cbdc-pilot-with-cross-border-precious-metals-transaction/">has been testing</a> the digital yuan for three years. The tests occurred in Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and the Winter Olympics area. These cities will continue to use the tool. 
 Read more: <a href="https://crypto.news/china-to-intensify-crackdown-on-stablecoins-to-thwart-illegal-forex-trading/"> China to intensify crackdown on stablecoins to thwart illegal forex trading </a>

Corrupt Chinese officials exploit crypto for illicit cross-border transactions

crypto.news

Ďalšie články zverejnené 2. 1. 2024

Ripple to dump this much XRP in January 2024

Wall Street Bullish on Magnificent Seven in 2024, Except for Tesla

Bitcoin Price Surge Above $45K, What Next For BTC Price?

Bitcoin Price Targets: MVRV Points To $52,000 And $70,000 Levels For BTC, Expert Suggests

Will Ripple (XRP) Get To $1 By 2024? Meme Moguls (MGLS) Will Outshine BONK as The Highest Trendin...

SOL Surges Over 10% As Solana Breaks Key Resistance Levels, Aiming New High

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!