Chinese govt. official: Gambling gangs use crypto to transfer funds abroad
Cointelegraph
Published Sep 25, 2020 08:02AM ET
Updated Sep 26, 2020 05:40PM ET
Illegal gambling and casinos result in the outflow of over a trillion yuan annually (around $146.5 billion) from China, said Liao Jinrong, the director general of the International Cooperation Department under the Chinese Ministry of Public Security.
He said that the operators of the overseas gambling platforms and casinos collect the funds from gamblers using digital currencies, making the investigation into these activities more challenging for the authorities.
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Written By: Cointelegraph
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