[FILES] Cryptocurrency
China has arrested more than a thousand people for using the profits from crime to buy cryptocurrencies, security officials said, as part of a growing crackdown on the industry.
The country’s bitcoin mines power nearly 80 percent of the global trade in cryptocurrencies, although trading in China is banned.
Officials have started to turn a sharp eye towards cryptocurrency miners to prevent speculation and stamp out money laundering.
Chinese police busted a network of 1,100 people involved in laundering money by buying cryptocurrencies, the ministry of public security said in a statement dated Wednesday.
The launderers charged clients commission to convert illegal proceeds into virtual currencies via crypto exchanges, the ministry said, without outlining the amount of money involved.
China banned trading in cryptocurrencies in 2019 and is increasingly tightening restrictions on bitcoin mining.
In April, the northern region of Inner Mongolia closed…
Source: Guardian Newspaper
