In a concerning revelation, Taiwan’s Justice Ministry has issued a warning about a rising trend of bribery cases powered by cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). According to the China Times, the ministry, cash is no longer the sole currency involved in corruption, as digital assets are now being employed as tools of bribery.
The ministry expressed particular apprehension regarding the potential use of BTC, ETH, and other crypto assets as “election bribery tools” leading up to the forthcoming general elections, scheduled to take place in mid-January 2024. Recognizing the evolving landscape of corruption, the government organization emphasized the need to actively prevent crypto and other forms of corruption from influencing the electoral process.
Highlighting the changing methods employed by those seeking to bribe officials, the ministry revealed that bribery attempts are no longer limited to traditional cash transactions. Alongside cryptocurrencies, mobile e-payment platforms like Line Pay, Pi Wallet, Jiekou, and Oufubao are being utilized to entice corrupt officials with bribes in preparation for the elections.
The Supreme Prosecutor’s Office released figures revealing that a total of 1,335 corruption cases were processed following last year’s municipal elections, leading to the trial of over 700 individuals on charges related to election-related corruption. Notable cases involve former members of Taiwan’s executive body, ex-central government officials, a mayor, a city council speaker, a deputy speaker, and other high-ranking public office-holders.
In an effort to combat corruption, the Taiwanese government has established a reward system where individuals who provide tips leading to the exposure of bribery cases have received millions of dollars worth of rewards over the past two decades.
As the prevalence of crypto-powered bribery cases grows, concerns surrounding election integrity intensify. The Justice Ministry’s warning serves as a call to action for law enforcement agencies and prosecutors to proactively counter these emerging methods of corruption and maintain the integrity of Taiwan’s democratic process.
In a related development, Taiwan Mobile, one of the country’s prominent telecommunications firms, has reportedly entered discussions with local cryptocurrency platforms. Sources suggest that Taiwan Mobile is exploring potential partnership opportunities with these platforms, although further details remain undisclosed.
Also Read: FSC to Become Watchdog for Crypto Transactions in Taiwan
