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Home»ADOPTION NEWS»China identifies cryptocurrencies as new form of bribery and corruption
ADOPTION NEWS

China identifies cryptocurrencies as new form of bribery and corruption

By Crypto FlexsJanuary 3, 20242 Mins Read
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China identifies cryptocurrencies as new form of bribery and corruption
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A recent conference held by the China Integrity and Legal System Research Association highlighted the rise of new forms of corruption, including: cryptocurrency And electronic gift certificates. Approved by the Chinese Law Association and registered with the Ministry of Civil Affairs, this national organization focuses on the legal system and corruption issues.

At the 2023 Annual Meeting, experts discussed the challenges posed by these new media, which have become covert channels for bribery and corruption in the digital age. Traditional cash and tangible assets are no longer the only means of bribery. Online money transfers, electronic gift cards, and even cryptocurrencies are now being used for illicit transactions, enabling more stealthy and difficult-to-trace corrupt practices.

The rapid development of digital currencies and blockchain technology poses serious challenges to existing legal and regulatory frameworks. These technologies offer anonymity and decentralization, making them attractive tools for corrupt activities. Some corrupt individuals use encrypted digital currencies for cross-border transactions to avoid online surveillance through “cold storage” methods such as offline wallets and hard drives.

The growing use of virtual currencies and digital assets in corruption reflects a shift towards more sophisticated and technology-driven methods. These trends require a dual approach to legal and technical governance. Strengthening legislation to address new forms of bribery and corruption, expanding the definition of bribery to include non-material benefits, and strengthening digital infrastructure for monitoring and enforcement are essential steps.

Experts recommend building a comprehensive database and rapid analysis system to improve case processing. Integrating core corruption data with industry-wide big data can strengthen preventive measures against new forms of corruption. Additionally, it is important to understand the legal status of virtual property and regulate it effectively under criminal law.

To effectively address these new challenges, experts suggest improving anti-corruption legislation, strengthening the technical capacity of monitoring and enforcement agencies, and promoting public participation in reporting corrupt activities. It is also important to address root causes such as gaps in power and oversight systems, especially in areas where power and resources are concentrated.

In summary, fighting new forms of corruption in the era of digital currencies and e-vouchers requires a comprehensive approach that combines legislative updates, technological advancements, and social vigilance to maintain the integrity and fairness of governance.

Image source: Shutterstock

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