China’s Ministry of State Security said virtual currencies have become an important tool for criminals engaged in a range of illegal activities, according to a newsflash carried by Odaily. The ministry said the use of crypto has contributed to security risks tied to money laundering, cyberattacks, and espionage-related theft of secrets.
It also rejected the idea that virtual currencies are truly anonymous. In the ministry’s wording, crypto’s so-called “anonymous attribute” is fundamentally a false proposition. It said blockchain systems retain complete transaction records and other data, which can serve as the basis for tracing activity across the full chain of transactions.
The statement focused on the security and investigative dimension of blockchain-based assets and argued that on-chain data retention supports end-to-end tracing.
China’s Ministry of State Security said virtual currencies have become an important tool for criminals involved in various illegal activities, according to Odaily.
The ministry said crypto has given rise to security risks including money laundering, cyberattacks, and espionage-related theft of secrets.
It added that the so-called “anonymous attribute” of virtual currencies is fundamentally a false proposition. Blockchain networks retain complete transaction records and other data, providing a basis for full-chain tracing.
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