China’s New Intervention in Crypto and Blockchain: This Time the Target is Corruption! Here are the Details

The Chinese Communist Party has called for stronger oversight against corruption methods using virtual currency and blockchain technology. The Central Committee of the Communist Party of China has called for stricter measures against corruption methods that utilize the internet, cryptocurrencies, cross-border fund transfers, and blockchain technology. The text emphasizes the need to detect financial transactions concealed using digital technologies and to more closely monitor illicit money movements linked to public officials. The ability of virtual currencies to expedite cross-border transfers and the spread of transactions across multiple addresses leads Chinese authorities to view these assets as risky for corruption investigations.