The Crypto Roundup: 04 January 2024 | CryptoCompare.com

China’s Legal Daily website, the Chinese Communist Party’s Central Commission for Political and Legal Affairs, has published a call to crack down on bribery using cryptocurrencies and other forms of electronic payment.

The platform published the insights of Zhao Xuejun, an associate professor at Hebei University Law School, who identified virtual currencies and electronic gift cards as “hidden channels” for bribery, as these can be carried abroad for redemption in “cold storage.”

Mo Hongxian, a professor at Wuhan University Law School, specifically named Bitcoin and raised concerns about the anonymity and traceability challenges posed by virtual currencies in the publication.

Hongxian noted that although these assets aren’t recognized in China, digital currency transactions require legal scrutiny due to their potential role in unlawful and criminal activities.

China’s Legal Daily concluded that the country’s legal and regulatory system needs to be improved to punish “new types of corruption, expand the scope of bribery crimes,” and strengthen supervision to deter new types of corruption.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/jan/04/