Channels

Winter

Bitcoin

Read

<div class="cryptonews">
 <p class="is-style-lead">Chinese media are repeating concerns about the use of cryptocurrencies to facilitate corruption.</p>
 <p>Local media published a report entitled “Virtual Currency Electronic Gift Cards Open New Channels for Corruption Crimes and Benefit Transfer.” It states that cryptocurrencies, particularly Bitcoin (BTC), are opening up new channels for corruption and benefit transfer in China.</p>
 <p>In particular, incidents of bribery through means such as red packet transfers and electronic gift cards are becoming increasingly common, and these <a rel="noopener noreferrer nofollow" title="transactions" href="https://thebittimes.com/tag/transactions.html">transactions</a> are difficult to trace due to their secretive nature in the digital sphere.</p>
 <blockquote class="wp-block-quote">
  <p>“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 <a rel="noopener noreferrer nofollow" title="officials" href="https://thebittimes.com/tag/officials.html">officials</a> 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.”</p> <cite>Peng Xinlin, professor at Beijing Normal University</cite>
 </blockquote>
 <p>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.</p>
 <p>In September 2021, Chinese authorities declared all <a rel="noopener noreferrer nofollow" title="transactions" href="https://thebittimes.com/tag/transactions.html">transactions</a> with Bitcoin and other cryptocurrencies illegal and imposed a complete ban on them. At the same time, the Chinese authorities are actively developing the digital yuan.</p>
 <p>China has been testing 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.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> China to intensify crackdown on stablecoins to thwart illegal forex trading
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/corrupt-chinese-officials-exploit-crypto-for-illicit-cross-border-transactions-tbt75329.html">https://thebittimes.com/corrupt-chinese-officials-exploit-crypto-for-illicit-cross-border-transactions-tbt75329.html</a></p>

Corrupt Chinese officials exploit crypto for illicit cross-border transactions

TheBitTimes

Altri articoli pubblicati su 2 gen 2024

United States CBDC anti-surveillance bill gains momentum

Bitcoin Price Prediction For 2024 By S2F Model Creator PlanB

Analyst Releases 10 Predictions for Bitcoin and Crypto Market in 2024

Kyrgyzstan Recorded An Increase In Tax Revenue From Crypto Mining

MetisDAO( METIS) Price Rallies 350% In 15 Days, What’s Ahead in 2024?

NFTs in sports: are they good for athletes’ careers?

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!