Corrupt Chinese officials use cryptocurrencies for illegal cross-border transactions
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Chinese media continue to express concerns about the use of cryptocurrencies to fuel corruption.
Published by local media a report It is titled “Virtual Currency Electronic Gift Cards Open Up New Channels for Corruption Crime and Benefit Transfer”. The report notes that cryptocurrencies, particularly Bitcoin (BTC), are opening up new channels for corruption and benefit transfer in China.
In particular, bribery through red envelope transfers, electronic gift cards, etc. has become increasingly common, and these transactions are difficult to trace due to their secrecy in the digital realm.
Loopholes and loopholes in relevant systems and mechanisms provide opportunities for some people to use power for personal gain and rent-seeking. In this case, 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. “
Peng Xinlin, Professor at Beijing Normal University
According to Chinese media reports, what is needed now is to understand and effectively respond to the evolving threats posed by cryptocurrency corruption through strategic legislation and technological solutions.
In September 2021, Chinese authorities declared all Bitcoin and other cryptocurrency transactions illegal and imposed a blanket ban. Meanwhile, Chinese authorities are actively developing a digital yuan.
China has been testing a digital yuan for three years. Testing was conducted in Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and the Winter Olympics areas. These cities will continue to use the tool.
