### 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.