News Analysis
Multiple virtual currency money laundering cases have been occurring in China recently, involving vast amounts of money. Some industry insiders say this has been the mainstream way of capital flight from China for several years.
The public security bureau in Tongliao City, Inner Mongolia, has recently busted a money laundering ring that used blockchain to exchange digital virtual currencies. Authorities arrested 63 people and seized about 130 million yuan ($18.65 million) in cash, fixed assets, transfers of blockchain digital currencies, and frozen funds, according to a Dec. 11 report by Chinese state media National Business Daily. Through virtual currency transactions, the ring laundered 12 billion yuan ($1.72 billion)….