Gambling Gang uses crypto for illegal purposes

[mezzaluna]

In china the government reported a case where a gambling Gang as they stated were using cryptocurrencies to transfer funds abroad. According to them trillions of yuan's are illegally being transferred abroad due to gambling.

They are taking it further by saying how it's not just a financial problem but it's a conspiracy against their nation as a whole.

Now they are making this bigger by saying how these cryptocurrencies and gambling are making it harder to track the transactions. BUT ! Isn't it easier to track these transactions as compared to fiat ??

Gambling in China is illegal under Chinese law and has been officially outlawed since the Communist Party took power in 1949. Any form of gambling by Chinese citizens, including online-gambling, gambling overseas, opening casinos overseas to attract citizens of China as primary customers, is considered illegal.

From wiki


Now gambling in China is Illegal so according to them if anyone from China is engaging in Gambling online overseas even the online casinos might be held accountable.  But I think some casinos might be bypassed by using VPN.

Shouldn't the Chinese authorities in lieu of the statement where they say that they are illegally transporting trillions of yuan's online , make the gambling legal and make sure to have well established rules instead of putting a hand out on the whole industry ?

Plus if people wants to engage it's their personal preference not the fault of the on-line crypto casinos.

https://cointelegraph.com/news/chinese-govt-official-gambling-gangs-use-crypto-to-transfer-funds-abroad/amp

Its true that Gambling in China is illegal but the fact that its not being stopped means some officials are still tolerating gambling. Its also possible for the Chinese people to create Offshore locations like Philippines. There are a lot of Chinese workers that work within Casinos and they are creating a lot of money from that. These people should be held accountable for the Illegal things that they are doing by the Chinese government.

[Bitcoin Smith]

Gambling in world lots of things we cannot officially say about this is the thing happening now yes some illegal people are also there but not everyone involved in this I will definitely say there are lots of people using this for good purposes also

[panganib999]

In china the government reported a case where a gambling Gang as they stated were using cryptocurrencies to transfer funds abroad. According to them trillions of yuan's are illegally being transferred abroad due to gambling.

They are taking it further by saying how it's not just a financial problem but it's a conspiracy against their nation as a whole.

Now they are making this bigger by saying how these cryptocurrencies and gambling are making it harder to track the transactions. BUT ! Isn't it easier to track these transactions as compared to fiat ??

Gambling in China is illegal under Chinese law and has been officially outlawed since the Communist Party took power in 1949. Any form of gambling by Chinese citizens, including online-gambling, gambling overseas, opening casinos overseas to attract citizens of China as primary customers, is considered illegal.

From wiki


Now gambling in China is Illegal so according to them if anyone from China is engaging in Gambling online overseas even the online casinos might be held accountable.  But I think some casinos might be bypassed by using VPN.

Shouldn't the Chinese authorities in lieu of the statement where they say that they are illegally transporting trillions of yuan's online , make the gambling legal and make sure to have well established rules instead of putting a hand out on the whole industry ?

Plus if people wants to engage it's their personal preference not the fault of the on-line crypto casinos.

https://cointelegraph.com/news/chinese-govt-official-gambling-gangs-use-crypto-to-transfer-funds-abroad/amp

Its true that Gambling in China is illegal but the fact that its not being stopped means some officials are still tolerating gambling. Its also possible for the Chinese people to create Offshore locations like Philippines. There are a lot of Chinese workers that work within Casinos and they are creating a lot of money from that. These people should be held accountable for the Illegal things that they are doing by the Chinese government.

I think that is one of the reasons why some chinese migrate in the Philippines. In Philippines, some of gamblings are illegal but it is lot more have legal gamblings like casinos. And one thing I actually see is that there are lot of chinese players in casinos. Gambling isn't that bad and for me it is one of the best and easiet way in earning some profits as long as you know how to play, strategies and different kinds of knowledge. But gambling become so bad for people when there is greed. I gues that is the reason also why people use gambling for illegal purposes like scamming, because of greed.

Gambling in world lots of things we cannot officially say about this is the thing happening now yes some illegal people are also there but not everyone involved in this I will definitely say there are lots of people using this for good purposes also

I also agree to the idea of many people are using gambling for good purposes than to those people who doesn't. Gamblers must overcome the stage where they will become greed of profits and make things that aren't things that they are doing before like some illegal activities in gamblings.

[dothebeats]

China just really want the money to circulate around their economy, and would even go so far as to pin down other industries in order to further their goals in the expense of their citizen's activities. They are trying so hard to instill control and it really sucks. No wonder why a lot of Chinese are immigrants on lots of countries in the world wherein they can enjoy their lives free from constant surveillance and threat from the communist country.

The narrative that gangs use crypto gambling for laundering is far-fetched. Most gambling platforms in crypto require KYC in compliance with AML regulations. Also, there needs to be some way to convert their money to bitcoins, and China has been cracking down on OTC brokers for years. The story doesn't add up, really.

[abhiseshakana]

Money launderers usually place the proceeds of crime into the financial system or change its form so that it's easier to move or disguise, and that makes it difficult to trace.

Although Bitcoin and other cryptocurrencies can be used as a new tool for money laundering, but not all perpetrators are willing to use this method. Because some of them don't understand what cryptocurrency is and they have to face a KYC process if they want to withdraw these assets through exchange services. Because of this, many of these perpetrators prefer to use conventional methods which are considered safe and they have already known the mechanism (by saving it in Fiat or placing it in a bank abroad).

[Kong Hey Pakboy]

This the reason why some of their people migrating to outside China and have their business, and sometimes doing illegaly.

I don't see any good reason why having this kind of law. What they would like to show and how their leaders trying to imply is that all of their people will obey and being controlled. How's that devastating act that it gives us no freedom to make decisions and do what we want.

China is very influential and that is likely what they do to us in this pandemic situation. I'm so lucky that I was not living in China...

Philippines is one of the country that China mostly invade but not specifically invade like take our land and people but invade like there are too many chinese people here in the Philippines and they do all their businesses here. Middle class  businesses and even if big time businesses, they target to live in the Philippines because of the bond of china and the current President in here is strong. I honestly don't like the way chinese people are living in our country because they make it look like it is theirs which is legally and truthfully nit.

Indeed. Chinese people have the guts to continue their illegal activities here in the Philippines, such as selling drugs, because the Philippines have a huge debt in China. That is why they can freely do whatever they want in our country, and they can get out of prison in no time. I think that other countries such as Sri Lanka, Papua New Guinea, Kenya, and South Africa are also experiencing the same problem as us that they have lost the peace of their homelands because they cannot pay Chinese debts due to high-interest rates.

[akirasendo17]

they are using crypto to evade taxes from the government, at the same time it's illegal, and they know that even if it's legal there is a chance that the government, will get a large part of the money, so these people are using cryptocurrency to escape the law in their country, at the same time they may also hide their wealth

[Chrystora123]

they are using crypto to evade taxes from the government, at the same time it's illegal, and they know that even if it's legal there is a chance that the government, will get a large part of the money, so these people are using cryptocurrency to escape the law in their country, at the same time they may also hide their wealth

Avoiding taxes is certain because China is very tax-sensitive.  China is a country that adheres to Maoism (communist-capitalist) so business people there must obey the state and also obey taxes.  An almost similar case was when the IPO of Jack Ma was frozen by the Chinese government for reasons of indications of controlling the market.  That gambling gang will not be able to escape from their obligations, even if they use cryptocurrency as a means of transferring funds..

[TopT3ns]

they are using crypto to evade taxes from the government, at the same time it's illegal, and they know that even if it's legal there is a chance that the government, will get a large part of the money, so these people are using cryptocurrency to escape the law in their country, at the same time they may also hide their wealth

well what many people think maybe there are statements that are not quite right, because sometimes the government makes taxes to improve facilities and development in the country, now you have to be able to think, where does the money come from the government to build expressways and improve state infrastructure? the money is all from the taxes we pay.

[Oceat]

they are using crypto to evade taxes from the government, at the same time it's illegal, and they know that even if it's legal there is a chance that the government, will get a large part of the money, so these people are using cryptocurrency to escape the law in their country, at the same time they may also hide their wealth

well what many people think maybe there are statements that are not quite right, because sometimes the government makes taxes to improve facilities and development in the country, now you have to be able to think, where does the money come from the government to build expressways and improve state infrastructure? the money is all from the taxes we pay.

Does he know what are taxes for? Or maybe I should assume he's more to that, meaning, he thought government gaining taxes will be put directly to their own pocket, sadly, it's not like that. Those people who did use crypto as a gateway to escape taxes are the bad ones that doesn't want to comply of paying taxes, although it's understandable that the taxes for a huge money transfer is still huge that's why they did that but it's not the right thing to do.

[Lanatsa]

they are using crypto to evade taxes from the government, at the same time it's illegal, and they know that even if it's legal there is a chance that the government, will get a large part of the money, so these people are using cryptocurrency to escape the law in their country, at the same time they may also hide their wealth

well what many people think maybe there are statements that are not quite right, because sometimes the government makes taxes to improve facilities and development in the country, now you have to be able to think, where does the money come from the government to build expressways and improve state infrastructure? the money is all from the taxes we pay.

Does he know what are taxes for? Or maybe I should assume he's more to that, meaning, he thought government gaining taxes will be put directly to their own pocket, sadly, it's not like that. Those people who did use crypto as a gateway to escape taxes are the bad ones that doesn't want to comply of paying taxes, although it's understandable that the taxes for a huge money transfer is still huge that's why they did that but it's not the right thing to do.

Criminal minds or people who doesn't really like to pay taxes wouldn't mind much nor being concerned on what happened into their economy or solely speaking that its none of their
business and they would do such acts that would really benefit them out.

Its neither for personal reason on why they don't pay up taxes or into other reason yet there are a number of plausible things that's why people cant just make out such
payment or taken some part.

Illegal purposes? Is this something new to discussed on? Of course crypto would be much preferred due to anonymity features.

[Betwrong]

China just really want the money to circulate around their economy, and would even go so far as to pin down other industries in order to further their goals in the expense of their citizen's activities. They are trying so hard to instill control and it really sucks. No wonder why a lot of Chinese are immigrants on lots of countries in the world wherein they can enjoy their lives free from constant surveillance and threat from the communist country.

The narrative that gangs use crypto gambling for laundering is far-fetched. Most gambling platforms in crypto require KYC in compliance with AML regulations. Also, there needs to be some way to convert their money to bitcoins, and China has been cracking down on OTC brokers for years. The story doesn't add up, really.

I agree. It looks more like the scary stories totalitarian regimes use for terrorizing the uneducated majority of their people. In fact, the most dangerous gang sits in the government, robbing ordinary people with the help of the army and police force.

[Twinkledoe]

China just really want the money to circulate around their economy, and would even go so far as to pin down other industries in order to further their goals in the expense of their citizen's activities. They are trying so hard to instill control and it really sucks. No wonder why a lot of Chinese are immigrants on lots of countries in the world wherein they can enjoy their lives free from constant surveillance and threat from the communist country.

The narrative that gangs use crypto gambling for laundering is far-fetched. Most gambling platforms in crypto require KYC in compliance with AML regulations. Also, there needs to be some way to convert their money to bitcoins, and China has been cracking down on OTC brokers for years. The story doesn't add up, really.

I agree. It looks more like the scary stories totalitarian regimes use for terrorizing the uneducated majority of their people. In fact, the most dangerous gang sits in the government, robbing ordinary people with the help of the army and police force.

You hit it on point! Those who are in position are more dangerous and capable of laundering tons of money. Of course, they will make it legal on their citizens' eyes. Maybe, this is just another scapegoat to more pressing matters and to give bad notion about crypto to the people, to mislead them about its true benefits.

[Findingnemo]

If government feels that money used for gambling is illegal source of money then they can't do anything about it because people have their needs and legally gambling on other countries because its is illegal in their origin,it won't be the case if the cryptocurrency made legal there.

[just_Alice]

I think the real problem here is that gambling, as well as cryptocurrencies, provides people with freedom and the Chinese government wouldn't that, right? They just fear the possibility of common people getting rich and independent because that might destabilize their system. You seem surprised that they accuse of "conspiracy against their nation", but I think it sounds exactly like the thing the communist government would say about people, who threaten their system.

[stadus]

I think the real problem here is that gambling, as well as cryptocurrencies, provides people with freedom and the Chinese government wouldn't that, right? They just fear the possibility of common people getting rich and independent because that might destabilize their system. You seem surprised that they accuse of "conspiracy against their nation", but I think it sounds exactly like the thing the communist government would say about people, who threaten their system.

I don't think so, it's not possible that people or gamblers will get rich in gambling, I'm talking about the majority of gamblers actually, so the government should not fear that as they will just regulate anyway and will consistently receive taxes from the certain operations.

not getting the point of your statement, sorry mate.

Conspiracy? that's something to prove, but as AFAIK, when gambling is regulated, it's easy for the government to track transactions within as they have the power to do it, and it will be easier for them to do their job.

[death69]

they are using crypto to evade taxes from the government, at the same time it's illegal, and they know that even if it's legal there is a chance that the government, will get a large part of the money, so these people are using cryptocurrency to escape the law in their country, at the same time they may also hide their wealth

Well, actually, fiat are more often used than cryptocurrency for illegal business. Crypto only creates a new methods for people to laundering their money. If a person decides to involve in illegal businesses, he will definitely try to avoid the government as mucch as they can. Though, there is nothing guarantee that they can escape from the government with this new payment gateway

[ethereumhunter]

I think the real problem here is that gambling, as well as cryptocurrencies, provides people with freedom and the Chinese government wouldn't that, right? They just fear the possibility of common people getting rich and independent because that might destabilize their system. You seem surprised that they accuse of "conspiracy against their nation", but I think it sounds exactly like the thing the communist government would say about people, who threaten their system.

Maybe that reason is right, so the government limits people to become rich in many ways. Only people who closest to them will allow them to become rich to support the government, and the other people will not be the next rich people. With crypto, the gambling gang can use crypto to hide their transaction, and they can send the money without any people can track.

[ecnalubma]

they are using crypto to evade taxes from the government, at the same time it's illegal, and they know that even if it's legal there is a chance that the government, will get a large part of the money, so these people are using cryptocurrency to escape the law in their country, at the same time they may also hide their wealth

Well, actually, fiat are more often used than cryptocurrency for illegal business. Crypto only creates a new methods for people to laundering their money. If a person decides to involve in illegal businesses, he will definitely try to avoid the government as mucch as they can. Though, there is nothing guarantee that they can escape from the government with this new payment gateway

Fiats are still the most common tool for criminals nowadays but soon cryptocurrency will become their new bestfriends most especially if they can master to utilise privacy coins it will become another headache for the authorities. Who would use privacy coin anyway? Unless for whatever purpose that somebody wants to conceal.

As the financial system slowly changing authorities also have to adjust so that they can’t be outsmarted by criminals, I believe the governments and authorities has enough resources to tackle these new challenges.

[Twentyonepaylots]

Everything is a conspiracy against their country anyway,so wht makes this issue so different? Besides, cryptocurrency is basically intended for these purposes so it is to no surprise that you will see someone laundering their money. It is what they use the money that they won. Or if they've got the money through legal means. And a Gambling Gang? For reals?