Beijing official was sentenced to 11 years in prison for his involvement in the Bitcoin money laundering process: Report
According to what was reported, a former deputy director of the Beijing Financial Office faces a long time in a prison for involvement in crimes related to encryption.
according to KaxinHao Gang participated in the Bitcoin money laundering process (BTC).
He also assisted an executive of the leading mining company in the field of encryption mining by raising border controls in exchange for receiving bribes in Tens from millions of Yuan.
The report says that the Bijin Miles Court sentenced Hao to a 11 -year prison sentence and a fine of 1.3 million yuan ($ 17,8380) on Thursday, after nearly two years of investigation into bribery and money laundering.
The court also ordered the confiscation of crime revenues and handed over to the Treasury.
Last year, a state -owned Chinese newspaper issued a warning, saying that corrupt government officials may turn the encryption to cold storage to avoid investigations.
Mo Hongsien, a professor at the Faculty of Law at Wuhan University, the Chinese Communist Party (CCP)-the daily control that governance and organization needs to adapt to the modern types of corruption provided by encryption.
For example, there are two problems using virtual currencies such as Bitcoin to commit corruption. First, it is difficult to conduct supervision, especially virtual currencies distributed from peers to a counterpart such as cryptocurrencies, which are found without “broker” for institutions such as banks and the keys to their use. It provides the method of conducting transactions and characteristics of not detecting its identity natural comfort for illegal and criminal activities.
Second, it is difficult to determine and treat. For example, virtual currencies like Bitcoin are not recognized by our country, but in reality they are equivalent functions. How to identify and process operations is also an issue that requires attention in judicial practice. “
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