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China's Communist Party pledges tougher crackdown on crypto-related corruption

China's Communist Party Central Committee has adopted a resolution calling for a stronger crackdown on corruption involving cryptocurrencies, blockchain technology, and cross-border capital.

Chinese Communist Party leaders and delegates stand beneath a large gold hammer and sickle emblem.
Image: @coinbureau

China's Communist Party has called for a renewed crackdown on corruption carried out through cryptocurrencies, blockchain networks, and cross-border funds, according to reports on a newly released party resolution. The decision was adopted on October 29 at the Fifth Plenary Session of the 20th CPC Central Committee and released publicly on November 1.[1][2][3][4]

According to reporting by Wu Blockchain, the resolution targets corruption committed via the internet, virtual currencies, cross-border capital, and blockchain, while urging stepped-up investigations into cross-border graft and the recovery of illicit assets. State media outlet Xinhua published the full text of the document, titled 'Resolution of the Central Committee of the Communist Party of China on Certain Major Issues concerning Persevering with Full and Rigorous Party Self-Governance.'[4]

The focus on digital asset graft comes after China enacted a blanket ban on cryptocurrency trading in 2021. As noted by Coin Bureau, the measure follows high-profile enforcement cases reported by Chinese state media, including allegations that Yao Qian, the former head of the central bank's digital currency institute, received 2,000 ETH in bribes valued at over 60 million yuan at peak prices.[2]

Key facts

  • China's Communist Party pledged to combat corruption conducted through virtual currencies, blockchain, the internet, and cross-border capital.
  • The anti-corruption resolution was adopted at the Fifth Plenary Session of the 20th CPC Central Committee on October 29 and published by Xinhua on November 1.
  • The document calls for intensified efforts to investigate cross-border corruption and recover illicit assets.
  • China instituted a ban on cryptocurrency trading in 2021.
  • Yao Qian, former head of the central bank's digital currency institute, allegedly accepted 2,000 ETH in bribes worth over 60 million yuan at peak valuation, according to Chinese state media.

Sources 路 4 sources

  1. WG

    Watcher.Guru@WatcherGuruPost on X 路

    JUST IN: 馃嚚馃嚦 China's Communist Party calls for tougher crackdown on corruption involving cryptocurrencies.

    Open source
  2. CB

    Coin Bureau@coinbureauPost on X 路

    馃嚚馃嚦 HUGE: China's Communist Party officially vows a tougher crackdown on corruption using crypto and blockchain. In a Central Committee decision adopted on October 29 and released today, the party pledged to combat graft carried out through virtual currencies, blockchain and cross border funds. China banned crypto trading in 2021. Previously, a former head of its central bank's digital currency institute, Yao Qian, took 2,000 ETH in bribes, worth over 60 MILLION yuan at its peak, per Chinese state media.

    Open source
  3. CO

    Cointelegraph@CointelegraphPost on X 路

    馃嚚馃嚦 BIG: China鈥檚 Communist Party called for tougher action against corruption involving cryptocurrencies and cross-border funds. https://t.co/0Rl1t103X8

    Open source
  4. WB

    Wu Blockchain@WuBlockchainPost on X 路

    China鈥檚 Communist Party Calls for Crackdown on Corruption Using Crypto and Blockchain China鈥檚 Communist Party called for resolutely combating corruption committed via the internet, virtual currency, cross-border capital and blockchain, according to a resolution adopted at the Fifth Plenary Session of the 20th CPC Central Committee on October 29. The document also calls for stronger efforts to investigate cross-border corruption and recover illicit assets.

    Open source