According to reports, Chinese officials are actively monitoring cryptocurrency activity and implementing novel tactics to combat bitcoin money laundering.
Important hack: According to CCTV, China's state-run television channel, the Ministry of Public Security has settled 259 cases of bitcoin money laundering.
It also seized 11 billion yuan ($1.7 billion) in cryptocurrency, describing the current event as a significant hack.
China has always been suspicious of new technologies, but its anti-crypto position is unmistakable.
In May 2021, policymakers forbade financial institutions from engaging in any crypto-related activities, making it one of the most oppressive countries in the world.
The second goal was to put an end to and prevent cryptocurrency mining in the United States, which had gotten out of hand since June.
Cryptocurrencies were outright prohibited three months later.
Mining's detrimental environmental impact, as well as the usage of digital currencies for fraud and money laundering, have been detected by the government of the world's second largest economy.
China is more interested than anything else in promoting and launching a digital version of its yuan currency.
In China, cryptocurrency mining is obsolete:
The China National Development and Reform Commission recently declared that cryptocurrency mining is obsolete in the country as part of its efforts to help reach the peak of carbon neutrality and carbon neutrality targets.
Bitcoin and other cryptocurrency mining has been banned entirely in China.