The arrests came as authorities in China intensified their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services. At the same time, the State Council, the cabinet of China, took an oath to ban bitcoin mining and trading. June 10 at 12 noon (IST) bitcoin price in india 26.8 lakh Rs.
The Ministry of Public Security said that as of Wednesday afternoon, police had busted more than 170 criminal groups using cryptocurrencies to mine black money.
The ministry informed through its official WeChat account that money launderers charged a commission of 1.5 percent to 5 percent from their criminal customers for converting illegal proceeds into virtual currency through crypto exchanges.
The Payment and Clearing Association of China said on Wednesday that the number of crimes involving the use of virtual currency is on the rise. “As cryptocurrencies are anonymous, convenient and global in nature, they have become an important channel for cross-border money laundering,” the association said in a statement.
Cryptocurrencies have already become a popular means of payment for illegal gambling activities. According to the association about 13% of gambling sites support the use of virtual currency and blockchain technology has made it more difficult for authorities to track funds.