September 21, 2021

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China: More than 1,000 arrested for cryptocurrency fraud

An image in front of a representation of Bitcoin. Photo: Reuters

Chinese police have arrested more than 1,100 people involved in money laundering with cryptocurrencies due to the risks it poses as part of an attack on those currencies, the media reported today.

A statement from the channel CGTN It was revealed that the individuals belonged to 170 criminal gangs operated by telephone and internet and charged customers between 1.5 and five per cent to swindle money with virtual currencies.

He also commented on the expected rise in crime with these payment methods because they are anonymous, convenient and universally aimed.

Late last month, the Chinese government announced it would continue to use mining and cryptocurrencies to prevent financial risks and severely punish them. A committee of the State Council (Cabinet) agreed to stop all kinds of activities associated with these organizations, thus preventing the spread of individual failure throughout the community.

While fighting crime in this field, he will also work to secure the operations of the stock markets, securities and foreign currency markets.

Those actions are having a severe impact on Bitcoin, and visitors are predicting even bigger impact, as more than 75 per cent of its global ‘mining’ takes place in China, as the process of minting the virtual currency is known.

(With information from Latin Press)

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