CHINA DISCUSSES HOW TO DEAL WITH ILLICIT CRYPTOCURRENCY CACHES.
As a result of China's increasing cryptocurrency hoard collected from illicit transactions, local governments are looking for ways to get rid of it, while the banking sector and courts are calling for more regulations.
As a result of an increase in cryptocurrency-related criminal cases in China this year, including those involving money laundering, unlawful gaming, and internet fraud, discussions have heated up.
Blockchain security company SAFEIS reports that the amount of money involved in crypto-related crimes increased tenfold to 430.7 billion yuan ($59 billion) in 2023. According to the nation's top procurator, China filed lawsuits against 3,032 individuals last year for money laundering related to cryptocurrency.
According to official public budget data, local governments' penalty and confiscatory incomes have increased in tandem with the amount of crypto crimes that have been busted. In 2023, these revenues reached a record 378 billion yuan, a 65% increase in just five years.
According to Liu Honglin, a lawyer who counsels local governments on matters pertaining to cryptocurrencies, confiscated cryptocurrency has grown to be a significant source of funding for local governments. $KERNEL
