ImportantPANews
Central Committee of the Communist Party of China: Firmly Crack Down on Corrupt Activities Committed Using Virtual Currencies and Blockchain
The Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning the Persistent Advancement of Full and Strict Governance of the Party, adopted at the Fifth Plenary Session of the 20th Central Committee of the CPC on October 29, explicitly stipulates that corrupt activities committed using the internet, virtual currencies, cross-border funds, blockchain and other means shall be firmly cracked down on. The decision requires thorough investigation of new-type and hidden corruption forms including anticipated gains, agreed nominee holding arrangements, "white gloves" (proxy operatives), and the revolving door between government and business sectors, with a focus on investigating and addressing issues such as collusion between government and business entities, as well as capital infiltration into the political sphere. The decision also puts forward initiatives to deepen the development of the digital disciplinary inspection and supervision system, advance the construction of a big data supervision platform for public power, and intensify efforts to investigate and prosecute cross-border corruption cases.
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