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SirWin
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SirWin

China experiencing increased crypto-related corruption, bribery cases

china-experiencing-increased-crypto-related-corruption-bribery-cases
Edited by
News
China experiencing increased crypto-related corruption, bribery cases

China is facing a significant increase in corruption and criminal activities linked to cryptocurrencies and digital financial instruments. 

The trend was a key topic at the 2023 Annual Conference of the Chinese Association for the Study of Integrity and Law, as reported by local media sources. The association, a prominent entity approved by the Chinese Law Society, highlighted how advancements in digital currencies and electronic gift cards are being exploited for corrupt transactions. 

Legal experts at the conference, including Professor Mo Hongxian from Wuhan University and Associate Professor Zhao Xuejun from Hebei University, emphasized the growing challenge of monitoring these sophisticated forms of corruption. This shift is largely attributed to the intensified anti-corruption measures implemented since the 18th National Congress of the Communist Party of China. Corrupt officials and individuals are increasingly turning to the digital space to evade heightened surveillance.

One notable method discussed was cryptocurrency ‘cold storage,’ allowing corrupt individuals to transfer and trade assets across borders discreetly. This method, involving offline storage of digital currencies on physical devices like hard drives, complicates the task of law enforcement agencies in tracking and prosecuting these crimes.

The conference underscored the urgent need for China to upgrade its legal framework and technological capabilities to combat this new wave of corruption effectively. Legal reforms and the adoption of advanced technological tools for monitoring and enforcement were identified as critical steps in addressing these challenges. 

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