Chinese police have arrested more than 1,000 people who are suspected of using cryptocurrency to launder money from telephone and internet scams.
This is the fifth round of a nationwide crackdown on money-laundering activities related to telecom fraud in China, dubbed “Operation Card Breaking’s”.
So far, as a part of Operation Card Breaking, the police have eliminated more than 311,000 criminal organizations.
Nearly 13 percent of gambling sites support the use of virtual currencies, and it has made it more difficult for the police to track the money through the traditional banking system, according to the Chinese Payment & Clearing Association. The association says that nearly 13 percent of online gambling sites use virtual currencies making it more difficult to track the money.
