Cryptocurrency-related corruption and bribery cases increase in China
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China is facing a significant increase in corruption and criminal activity related to cryptocurrencies and digital financial instruments.
According to local media reports, this trend has become a key topic at the 2023 annual conference of the China Integrity Law Research Association source. The association, a prominent entity approved by the China Law Society, highlighted how advances in digital currencies and electronic gift cards can be used for corrupt transactions.
Legal experts attending the meeting included Professor Mo Hongxian Zhao Xuejun, a professor at Wuhan University and an associate professor at Hebei University, emphasized that monitoring these complex forms of corruption faces increasingly severe challenges. This change is largely due to the increased anti-corruption efforts since the 18th National Congress of the Communist Party of China. Corrupt officials and individuals are increasingly turning to digital spaces to evade heightened surveillance.
One notable method discussed was cryptocurrency “cold storage,” allowing corrupt individuals to discreetly move and trade assets across borders. This method involves storing digital currency offline on physical devices such as hard drives, complicating the task of law enforcement agencies in tracking and prosecuting these crimes.
The meeting emphasized that China urgently needs to upgrade its legal framework and technical capabilities to effectively combat the new wave of corruption. Legal reform and the adoption of advanced technological tools for monitoring and enforcement are considered key steps in addressing these challenges.
