A former deputy director of the Beijing Financial Bureau is reportedly confronted with a long prison sentence for his involvement in crimes with regard to crypto.
According to CaixineHao Gang was busy with a Bitcoin (BTC) money white operation.
He also assisted a director of a leading crypto -my -company by lifting border controls in exchange for receiving bribes in the melody of tens of millions of Yuan.
The report says that an intervening human court in Beijing Hao -gang has sentenced to 11 years in prison and a fine of 1.3 million Yuan ($ 178,380) on Thursday, almost two years after he was examined for bribery and money laundering.
The court also ordered that the proceeds from the crimes were seized and transferred to the state treasury.
Last year a Chinese newspaper gave a warning into the hands of the state and said that corrupt government officials could cut crypto in cold storage to prevent studies.
Mo Hongxian, professor at the Wuhan University Law School, tells the Chinese Communist Party (CCP)-also legally searched daily that governance and regulations must adapt to modern types of corruption that makes crypto possible.
“For example, there are two problems with the use of virtual currencies such as Bitcoin to commit corruption. Firstly, it is difficult to supervise supervision, especially distributed peer-to-peer virtual currencies such as encrypted digital currencies, which exist without the ‘medium’ of institutions such as banks and user keys. The way to carry out transactions and the characteristics of anonymity naturally offer convenience for illegal and criminal activities.
Secondly, it is difficult to identify and process. For example, virtual currencies such as Bitcoin are not recognized by our country, but in reality they serve as equivalent functions. How to identify and process handling is also a problem that requires attention in judicial practice. “
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