China to include crypto in money laundering rules

After the "ban" how much of this activity is actually occurring... it'll be interesting to see how this pans out.

Bottom Line Up Front (BLUF):​

China plans to update its anti-money laundering (AML) regulations to include provisions for virtual assets, particularly targeting the use of cryptocurrencies in money laundering activities. This move, expected to be implemented in 2025, follows a notable increase in crypto-related financial crimes, despite the country's ban on cryptocurrencies since 2021. The revisions aim to adapt to the evolving landscape of financial crimes involving digital assets.

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https://www.dlnews.com/articles/regulation/china-adds-crypto-to-aml-rules-in-money-laundering-crackdown/

I honestly think that it is almost impossible to prohibit cryptocurrency transactions in a country.

And even more so when it is a country that is as digitalized as China.

In that country they don't even use cash

Quite ironic since most of the mining is coming from China..

They did this so can't move money outside of china

s7evin said:

Quite ironic since most of the mining is coming from China..

Code:

https://chainbulletin.com/bitcoin-mining-map/

Click to expand...

https://www.nytimes.com/2023/10/13/us/bitcoin-mines-china-united-states.html

s7evin said:

Quite ironic since most of the mining is coming from China..

Code:

https://chainbulletin.com/bitcoin-mining-map/

Click to expand...

Valid point I had thought they shut down a lot of the mining operations once they brought the digital Yuan to market.