Law enforcement from China have arrested nearly 1,100 individuals on charges of crypto money laundering. This move is a clear reminder that China works towards a society where crypto has a limited or non-existent presence.
China Works Against a Crypto Society
In the process of arresting the individuals, China states that it caught over 170 criminal gangs known for committing financial crimes. The individuals in question have laundered the crypto via fraudulent SIM cards and illicit bank accounts. The arrests were made by agents of China’s Ministry of Public Security.
The organization proclaimed in a statement:
The statement continues saying:
China Battles Crypto Money Laundering
In 2020, China has announced that it has been increasing its efforts to end fraud-based criminal activities. It led to the establishment of a division known as Operation Card Breaking. It has led to the arrests of over 310,000 individuals and the end of nearly 15,000 criminal groups.
Up until now, China has always been up and down when it comes to cryptocurrency. The country banned both initial coin offerings and digital exchanges four years ago. Lately, lawmakers announced that they will take a stronger stance on bitcoin and cryptocurrency mining and all related digital currency and blockchain operations. Regulators that are working with the People’s Bank of China stated:
Everyone is not Glad
So far, China has incurred a heavy backlash for its decision to end the presence of digital currencies within its borders. Canaan Creative is stationed in China, and released a statement saying that the country was on the wrong path as rescinding mining operations will ultimately decrease the job prospects, hurt the nation’s economy, and also put China in a low position on the competitive ladder.
Furthermore, Bitcoin suffered another enormous price drop after the news.
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