Chinese authorities appears to be heightening their resistance to crypto illegalities as the police captures over 1,100 suspected crypto criminals. The announcement was made on the 9th of June by the Ministry of Public security. The suspects were alleged to be criminal gang masterminds.
The said group perpetrated diverse crimes and employed cryptocurrencies to facilitate money laundering transactions. According to reports, the laundered funds are related to telecommunications fraud activity. Chinese authorities successfully halted the flow of criminal funds through its card freeze operation.
The Ministry of Public Security attests this case as the “fifth round of centralized network collection”, lasering on entities using crypto for money laundering purposes. Aside the arrested 1,100, the investigation as well led to the capitulation of over 170 other criminal gangs. The development is a good exhibition of China’s staunch approach to financial crimes done via cryptocurrency.
China Combats Crypto While Other Nations Adopt Bitcoin
It is particularly obvious that the Chinese government does not maintain a positive approach to crypto assets. The phenomen appears to be disturbing to the country as several reports of financial conflicts have been linked to it. China has implemented several regulations to combat the innovation.
Last month, we reported that the Chinese Central Bank banned financial institutions under its jurisdiction from conducting crypto related transactions.
As a follow-up strategy, Bitcoin mining was also clamped down in several locations within the country. Local search engines have also censored public inquiries related to crypto and local crypto exchanges.
However, despite the growing crypto agitation from China, the innovation is getting more recognised. El Salvador has become the first sovereign nation to adopt Bitcoin as a legal tender.
The country is completing its approval phase and citizens can invest about three Bitcoins to the economy. Paraguay is as well on the verge to reveal a new Bitcoin development in collaboration with PayPal.