According to the China Drug Crime Report 2021, police cleared 5,000 drug trafficking cases including online transactions last year, accounting for around 9.2% of all drug-related crimes.
The report said:
“The circulation of drug funds has expanded from online bank transfers to cryptocurrency and in-game currency,”
According to a Chinese media report, the Hangzhou Intermediate People’s Court issued a verdict in mid-2020 that a Chinese e-commerce platform executive used Bitcoin to acquire methamphetamine on the dark web in 2018.
According to a January study report, despite China’s cryptocurrency ban, 5,137 criminal cases involving cryptocurrency were reported in 2021.
The quantity of cryptocurrency utilized in money laundering activities surged by 30% year on year in 2021, according to a crypto money laundering report by Chainalysis.
The police investigation corresponds with China’s escalating anti-crypto rhetoric, which is promoting the use of its own central bank digital money (CBDC).
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