Thinking About China
Opinion

CCP Cracks Down on Virtual Currency to Prevent Money From Fleeing Country

CCP Cracks Down on Virtual Currency to Prevent Money From Fleeing Country
Maxim Hopman/Unsplash
Alexander Liao
|Updated:
Commentary

For many years, the Chinese Communist Party (CCP) has acquiesced to digital currency operations in China. But in 2018, it began to restrict Bitcoin transactions while still secretly encouraging Bitcoin mining. However, now that large amounts of funds are fleeing the country through virtual currencies, Chinese authorities seem determined to crack down on it.

Alexander Liao
Alexander Liao
Author
With nearly four decades of journalism experience in Hong Kong, London, and the United States, Alexander Liao is an expert on China and world affairs. He currently hosts the Chinese-language Pinnacle View news analysis program on NTD, also available on YouTube and Ganjing World. Before joining The Epoch Times, he was a Hong Kong Bureau Chief for international media, an editor of various magazines, newspapers, and radio stations, and a columnist for top financial and current affairs newspapers in Hong Kong and Taiwan.
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