63 people arrested in China for money laundering using cryptocurrency – Katoch Tubes
China crackdown on Crypto laundering
China crackdown on Crypto laundering
About the news
About the news
Chinese Police has arrested 63 individuals accused of money laundering worth $1.7 billion using cryptocurrencies
The Modus Operandi
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
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
Other dev. in China
Apart from fighting COVID, China is focused on expanding eCNY.
What exactly is e-CNY?
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?
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?
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
The Latest Update
PBOC has increased its efforts to promote e-CNY usage in 4 provinces for faster adoption.
Total Usage so far
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
Ahead of US & India
PBOC introduced the digital currency ahead of US digital dollar & India's digital rupee by FR & RBI.
CBDC powering banks
CBDC powering banks
By introducing digital currencies central banks
will have more control over money & its traceability.
The Side-effect
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
Indian CBDC launch
India has joined China in the CBDC race by launching eRupee
Learn more
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