Chinese officials use cryptocurrency to facilitate illegal cross-border transactions.
Chinese media outlets are raising concerns about the use of cryptocurrencies as a means to facilitate corruption. An article titled “Virtual Currency Electronic Gift Cards Open New Channels for Corruption Crimes and Benefit Transfer” has been published, highlighting the growing issue of corruption and benefit transfer in China, specifically related to cryptocurrencies like Bitcoin (BTC).
Instances of bribery through methods such as red packet transfers and electronic gift cards are becoming increasingly prevalent, and the clandestine nature of these transactions in the digital realm makes them difficult to trace. Chinese media emphasizes the urgent need to comprehend and effectively combat the evolving threats of cryptocurrency corruption through a combination of strategic legislative measures and technological solutions.
In September 2021, Chinese authorities imposed a complete ban on all transactions involving Bitcoin and other cryptocurrencies, declaring them illegal. Concurrently, the Chinese government is actively working on the development of its own digital currency, the digital yuan.
China has been conducting tests on the digital yuan for the past three years in various cities, including Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian, and the Winter Olympics area. These cities will continue to utilize the digital yuan as a financial tool.
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