Recently, at the 2021 China Beijing Digital Finance Forum, Zhou Xiaochuan, vice president of the Boao Forum for Asia, chairman of the China Finance Association, and former central bank chairman, said that traditional surveillance is no longer enough to get things done. With the intensification of money laundering activities, Zhou Xiaochuan turned his eyes back to cryptocurrencies. This statement shows that the country can continue to fight money laundering activities using cryptocurrencies, according to experts.
China has announced that it will continue the war with cryptocurrencies!
According to former central bank governor Zhou Xiaochuan, traditional surveillance methods are no longer sufficient to combat the growing cryptocurrency laundering activity. Zhou Xiaochuan said, “The use of new digital technologies in surveillance can play a more important and critical role in customer identification and illegal transactions in combating money laundering.” said.
Regulators and anti-money laundering obligations should strengthen oversight through new technical tools and fulfillment of anti-money laundering obligations. This is also an important trend in future developments. According to the official, regulatory technology practices should be strengthened and big data, artificial intelligence (AI), cloud computing and other technologies should be actively used to enrich financial regulation and improve the ability to identify, prevent and address cross-industry and cross-market risks.
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