Chinese govt. official: Gambling gangs use crypto to transfer funds abroad
China faces economic risk as illegal gambling operators move 1 trillion yuan in funds from the country, partially in crypto, says a government official. Illegal gambling and casinos result in the outflow of over a trillion yuan annually (around $146.5 billion) from China, said Liao Jinrong, the director general of the International Cooperation Department under the Chinese Ministry of Public Security. He said that the operators of the overseas gambling platforms and casinos collect the funds from gamblers using digital currencies, making the investigation into these activities more....
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This news will undoubtedly send more shockwaves throughout the Chinese economy moving forward. In an unsurprising turn of events, the Chinese government issued new guidelines to stem capital outflows. With the Yuan still going down a slippery slope, outbound investments are next on the chopping block. To be more precise, transfer abroad worth over US$5m are being vetted. Moreover, any international deals involving Chinese funds – even pre-approved deals – will face additional scrutiny, as China alienates itself from the rest of the world even more. The new guidelines issued by the State....
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