### China's Crypto Crackdown Shakes: Billions in Illegal Bitcoin (BTC) Transactions Revealed
🔍 **Recent Developments**:
- **#ChinaDrama** shows cryptocurrencies remain in use despite the government's ban.
- Police raids uncovered illegal transactions worth billions.
📰 **Key Findings**:
- A #Bloomberg report highlighted a May bust of an underground bank linked to illegal transfers worth **13.8 billion yuan (~$1.9 billion)**.
- Authorities found unauthorized conversions worth nearly **2 billion yuan** and transactions over **1 billion yuan**.
💹 **Continued Interest**:
- **#Chinese** citizens still invest in digital assets amid falling real estate prices.
- Crypto is used to bypass foreign transfer limits.
🔗 **Expert Insights**:
- **Chengyi Ong** of #APAC policy at Chainalysis Inc. noted ongoing significant crypto activity in China.
- Lax enforcement and the decentralized, peer-to-peer nature of crypto contribute to this.
📉 **Enforcement Challenges**:
- Despite government efforts, significant crypto activity persists.
- Underground banks and illegal exchanges highlight enforcement difficulties.
- Stricter enforcement and addressing root causes are crucial for the ban's effectiveness.
#Crypto_Jobs🎯 #Bitcoinarena #btc70 #CryptocurrencyPredictions #China.