Corrupt Chinese officials exploit crypto for illicit cross-border transactions
Chinese media are repeating concerns about the use of cryptocurrencies to facilitate corruption. Local media published a report entitled “Virtual Currency Electronic Gift Cards Open New Channels for Corruption Crimes and Benefit Transfer.” It states that cryptocurrencies, particularly Bitcoin (BTC), are opening up new channels for corruption and benefit transfer in China. In particular, incidents of bribery through means such as red packet transfers and electronic gift cards are becoming increasingly common, and these transactions are difficult to trace due to their secretive nature in the digital sphere. “Gaps and loopholes in relevant systems and mechanisms provide opportunities for some people to seek personal gain and rent-seeking with power. Under such circumstances, if officials do not have a strong sense of integrity and self-discipline and are not determined enough to fight corruption, they can easily slip into the abyss of corruption.” Peng Xinli...