The Chinese Law Enforcement Agency has reportedly cracked down on crypto money laundering in the region and confiscated $1.7B worth of cryptocurrencies.
With the Government of China banning crypto mining in 2021 and sweeping the floor with any legal mining possibilities, some digital asset transactions in the region went underground, yet not undiscovered.
Based on the report by a local news agency China Central Television, on January the 14th, the Ministry of Public Security in China called a press conference regarding illegal crypto transactions in the region.
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It was announced that the Chinese law enforcement cracked open 259 cases of illegal crypto transactions, and seized more than 11 billion yuan, which amounts to roughly $1.7 billion.
While China has been adamant about its position on anything related to cryptocurrencies, it became one of the leading countries at developing central bank digital currencies (CBDC’s) which are set to be released right before the 2022 Winter Olympics in Beijing.
