China calls for crackdown on corruption involving virtual currency and blockchain

China’s Communist Party has issued a directive calling for intensified measures to combat corruption connected to virtual currencies, blockchain technology, and cross-border financial flows. The announcement reflects Beijing’s continuing focus on reinforcing discipline within the Party’s own ranks and its determination to address emerging risks in the digital economy. The decision from the Party’s Central Committee, which was adopted at the Fifth Plenary Session of the 20th Central Committee and published in full by Xinhua on November 1, explicitly mentions virtual currency and blockchain as components of new challenges in fighting corruption. The document emphasizes the necessity to “resolutely crack down on corruption carried out through the internet, virtual currency, cross-border funds, blockchain and the like,” according to an official Chinese-to-English translation.

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