A recent report released by China titled “2021 China Drug Situation Report” explains the role of cryptocurrencies in drug trafficking.
The report states that the country’s drug market continues to expand online and there has been an increase in ‘the “Internet + logistics delivery” non-contact drug trafficking method.
The report also states that the drug money transactions are being conducted via virtual currency and game currency instead of online banking transfers. Drug traffickers are reportedly using gaming money to promote illicit commerce.
China has always been critical of the crypto and NFT industry. Chinese authorities have prohibited the use of NFTs in the issuance of securities, insurance, loans and precious metals.
On the other hand, the use of the Chinese central bank’s digital currency, the Digital Yuan, has surged 1,800% in the past year.
