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China’s Communist Party has formally included cryptocurrency in the scope of its anti-corruption campaign, according to China’s state-run Xinhua News Agency.
In a resolution adopted at its fifth plenary session, the party said China will resolutely crack down on corruption involving the internet, virtual currencies, cross-border capital flows and blockchain technology. The move points to tighter tracking of crypto-based bribery and the concealment of funds overseas. Investigations into the assets of officials’ family members and businesses run by spouses and children will also be strengthened.
The resolution does not introduce new crypto-ban regulations, however, and it does not specify an implementation deadline or penalty provisions.