63 people arrested in China for money laundering using cryptocurrency – Katoch Tubes

China crackdown on Crypto laundering

About the news

Chinese Police has arrested 63 individuals accused of money laundering worth $1.7 billion using cryptocurrencies

The Modus Operandi

The group began operating in May 2021 during the peak of crypto bull market using illegal Pyramid Schemes, frauds & gambling.

Converting Fiat to USDT

The collected money is then converted to USDT. The group then recruited people to circulate money around the world using stablecoin.

Other dev. in China

Apart from fighting COVID, China is focused on expanding eCNY.

What exactly is e-CNY?

e-CNY is China's official digital currency or digital Yuan introduced by PBOC (The People Bank of China)

When was it introduced?

The first batch of digital Yuan was introduced in 2020 in 4 cities -Shenzhen, Suzhou, Xiongan and Chengdu

What's the need?

It's part of China's digital infrastructure. e-CNY is Central bank digital currency for the whole nation.

The Latest Update

PBOC has increased its efforts to promote e-CNY usage in 4 provinces for faster adoption.

Total Usage so far

The bank officials didn't comment but as per data, in 2021, the total unique users using e-CNY stands at 261 million

Ahead of US & India

PBOC introduced the digital currency ahead of US digital dollar & India's digital rupee by FR & RBI.

CBDC powering banks

By introducing digital currencies central banks  will have more control over money & its traceability.

The Side-effect

For users its a bad news when your money can be traced easily by the govt & they can freeze your account anytime without notice.

Indian CBDC launch

India has joined China in the CBDC race  by launching eRupee

Learn more

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