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The Chinese Crypto-Monnaies Enter battery seems to continue to become more and more. Although crypto trading is officially prohibited in the country and digital tokens are not recognized as legal assets, the authorities seem to have no problem transforming these parts into cold and difficult species.
While the adoption of the crypto has new heights, cybercriminals are quick to seize the opportunity. Sociations, money laundering and illegal game involving digital assets are booming.
In 2023, the Chinese authorities continued more than 3,300 people in cases involving crimes related to cryptocurrency, the total value of illicit activity reaching approximately $ 59 billion, almost ten times higher than the previous year.
Consequently, the government now has a substantial volume of digital assets seized but continues to lack a clear national framework to manage or regulate them.
Some local governments, under pressure from economic slowdowns, have discreetly enlisted private companies to sell confiscated bitcoin and other tokens on foreign markets. A company has helped liquidate more than $ 400 million in crypto since 2018. The profits have been used to complete local authorities budgets.
To further complicate things, China holds around 15,000 Bitcoin tokens through local government attacks, worth around 1.4 billion dollars. This makes it one of the largest cryptography holders in the world, just behind the United States.
The Chinese government will probably continue to take advantage of cryptographic assets seized for its own advantage, even if its citizens do not enjoy the same freedoms. After the re-election of Donald Trump, the United States announced its intention to establish a national cryptography reserve using confiscated digital assets.
China seems to consider a similar path but has no clear legal structure or a national strategy to manage its increasing participations.
This could be a clear route to China, which could even push the higher bitcoin price in the short term. The other option is to formalize what they are already doing by introducing legal frameworks and transparency.
The new time presents new challenges, and it seems that the digital treasure chest of China becomes far too precious to ignore.
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post url: https://altcoin.observer/cryptrum-of-crypto-in-china-billions-seized-no-rules-in-sight/