Gambling Gang uses crypto for illegal purposes - page 5.

adzino

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Quote from: fiulpro on November 15, 2020, 08:10:11 AM

In china the government reported a case where a gambling Gang as they stated were using cryptocurrencies to transfer funds abroad. According to them trillions of yuan's are illegally being transferred abroad due to gambling.

They are taking it further by saying how it's not just a financial problem but it's a conspiracy against their nation as a whole.

Now they are making this bigger by saying how these cryptocurrencies and gambling are making it harder to track the transactions. BUT ! Isn't it easier to track these transactions as compared to fiat ??

Quote

Gambling in China is illegal under Chinese law and has been officially outlawed since the Communist Party took power in 1949. Any form of gambling by Chinese citizens, including online-gambling, gambling overseas, opening casinos overseas to attract citizens of China as primary customers, is considered illegal.

From wiki

Now gambling in China is Illegal so according to them if anyone from China is engaging in Gambling online overseas even the online casinos might be held accountable. But I think some casinos might be bypassed by using VPN.

Shouldn't the Chinese authorities in lieu of the statement where they say that they are illegally transporting trillions of yuan's online , make the gambling legal and make sure to have well established rules instead of putting a hand out on the whole industry ?

Plus if people wants to engage it's their personal preference not the fault of the on-line crypto casinos.

https://cointelegraph.com/news/chinese-govt-official-gambling-gangs-use-crypto-to-transfer-funds-abroad/amp

So according to China, the Chinese citizens are converting their currency yuan to bitcoin and then uses those bitcoin to gamble online on overseas online casino, which according to them is money laundering? What else do they expect? They have strictly restricted their people from gambling. They can't even gamble abroad as a citizen of China. Sounds so shitty. And this the reason why the citizens are engaging in such illegal (according to them) acts. How about allowing people to gamble like they wish and put tax on their winning? Its a win-win situation for everyone.

peter0425

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Quote from: HaXX0R1337 on November 17, 2020, 06:55:30 PM

They can always migrate to other countries, you can find many millionaires from China migrating to Europe, UK and Canada and they might have some issues with the government and they will somehow transfer their wealth to other countries and then shift completely and it can happen here.
I think they will give death penalty for these cases citing conspiracy against the government .

But still they are wanted and surely China won't stop looking for them around the world ,and besides they cannot hide forever that's the sure thing.

But unless they will come to countries that will adopt them as their own then they can hide for a certain time.

yeah Chinese government is known to be one that supporting death penalties.

carlisle1

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Quote from: fiulpro on November 15, 2020, 08:10:11 AM

Now gambling in China is Illegal so according to them if anyone from China is engaging in Gambling online overseas even the online casinos might be held accountable. But I think some casinos might be bypassed by using VPN.

Actually Most of gambling sites can be accessible using VPN and this is same way why any countries can really blocked gambling activities even if they are banning this.

Quote

Shouldn't the Chinese authorities in lieu of the statement where they say that they are illegally transporting trillions of yuan's online , make the gambling legal and make sure to have well established rules instead of putting a hand out on the whole industry ?

If the rules can be break while it is illegal then what more can this people do in Legal gambling?

i think they must first take down these people,Learn their activities so if ever they decide to make it legal at least they already have idea about the possible leakage .

Quote

Plus if people wants to engage it's their personal preference not the fault of the on-line crypto casinos.

That is why there must be a imposition of "Must be a responsible gambler"

So blaming won't be thrown to anyone but ourselves as gambler.

Fundamentals Of

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Quote from: ice098 on November 17, 2020, 11:44:00 AM

Quote from: Fundamentals Of on November 17, 2020, 08:27:11 AM

There is no big deal. Gambling gangs use all kinds of ways for illegal purposes all over the world. Cryptocurrency is used in illegal transactions just like the fiat money that everybody knows about. It is not what they use that matters actually. If the transaction is illegal they will be stopped and the violators arrested and made to face their crimes. But they don't stop the currency they are using or arrest the people behind it. They might end up stopping fiat and arresting central bank and treasury people.

To be honest any kind of currency will probably be used in illegal purposes. Even the fiat currency were being used by those drug users and even gambling gang. For me those people were desperately wanted to earned an instant profit without being thinking if those money were came from bad or good. And not so impossible that even cryptocurrency can be also used in illegal gambling. People today were desperately wanted to gain an instant profit so even illegal will never be a hindrance to them.

That's why it is no big deal. All kinds of money are used in illegal activities. There is no exception. The USD, Pound, Euro, Yuan, Yen, etc are no cleaner than Bitcoin. So they need to quit their attaching Bitcoin to illegal activities as if it is the exclusive currency of the criminals.

But it is always understood that government authorities will find ways to track these dirty criminals and activities down and confiscate the money involved whether it is crypto or fiat.

LogitechMouse

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Not an unusual way to use crypto.
It isn't surprising too that there are some people who will be using crypto to transfer money in one country to another.

Bitcoin has been used alongside with other coins in some illegal activities so expect more things like this in the future. They are also using it in Dark Web to buy some stuffs and this isn't any different from that. Both are illegal after all.

TitanGEL

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Quote from: MCobian on November 17, 2020, 06:44:22 PM

I don't understand the Chinese government's view of gambling, why not follow Hong Kong and Macau, which regulate casinos well.
Yet if the Chinese government is more open to industrial gambling it can be a source of income, and with the gambling gang itself,
there is no need to send profit money from gambling abroad. Or try to see how the American government manages casinos,
I think the Chinese government should not be too strict about implementing rules that make its residents uncomfortable.

Actually many casinos in our country are being managed by Chinese where the owners are also Chinese, for me it is not unique anymore because a lot of businesses are being owned by Chinese. Look at the gambling industry right now where it is currently booming where are lot of investors are keep entering because they saw a lot of opportunities. I do not know why the Chinese government is so strict when it comes to their citizen but one thing is sure they want to protect their citizen and they want to control them. I think you can hide your money through online casinos if you do not want to trace your transactions. For sure that there are now a lot of people who did that in order for them to access their money even though they are in another country.

HaXX0R1337

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Quote from: rodskee on November 17, 2020, 06:04:19 PM

I'm sure these People are on the hunt and their days are soon be gone,Chinese Government known to be very strict and Cruel(in terms of implementing the Laws) so those money they gather will not be for them,and has no chance of treasuring after being caught .

Imagine trillion of Yuan and this is not a peanut,these people Knows what they are doing and they also Knew the consequences .
Illegal gambling in China that's why Chinese are spreading the world opening casino continuously.

They can always migrate to other countries, you can find many millionaires from China migrating to Europe, UK and Canada and they might have some issues with the government and they will somehow transfer their wealth to other countries and then shift completely and it can happen here.
I think they will give death penalty for these cases citing conspiracy against the government .

samcrypto

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Quote from: TedMosby on November 17, 2020, 06:30:39 PM

Quote from: fiulpro on November 15, 2020, 08:10:11 AM

-snip-
Plus if people wants to engage it's their personal preference not the fault of the on-line crypto casinos.
-snip-

IMO, the online crypto casino can be sued too, because they permit it to happen.
If the Chinese are forbidden to gamble by their government, the online crypto casino should strictly state it upon registration.
even they bypassed it with VPN, the site can be sued for the KYC reason, providing money laundry attempts with a bad KYC system.

That’s true crypto gambling site should follow every government’s law or else they’ll face consequences and if its not permitted to gamble online in China then so be it, they have to implement new rules with regards to this one and follow the protocol. Illegal things are growing and I can’t blame China for implementing such rules and I hope they’ll still support cryptocurrency despite of this one.

Rengga Jati

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This is always a bi matter for several countries, about using crypto for illegal purposes, not only in gambling but others, too. However, this is a part of the negative side of cryptos. There are still many positives sides, but we must really let other common people know this because if not, they will only think about the negative issues.

And about gambling in China with this kind of condition, I am afraid that this becomes another bomb likely to make gambling in that country to be more strictly regulated or illegal. IN this case, although their people will easily join in overseas gambling, they may also face some difficulties around them because of the rules.

So, will it really give another perspective about the world of crypto in that country?

MCobian

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I don't understand the Chinese government's view of gambling, why not follow Hong Kong and Macau, which regulate casinos well.
Yet if the Chinese government is more open to industrial gambling it can be a source of income, and with the gambling gang itself,
there is no need to send profit money from gambling abroad. Or try to see how the American government manages casinos,
I think the Chinese government should not be too strict about implementing rules that make its residents uncomfortable.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

Quote from: fiulpro on November 15, 2020, 08:10:11 AM

-snip-
Plus if people wants to engage it's their personal preference not the fault of the on-line crypto casinos.
-snip-

IMO, the online crypto casino can be sued too, because they permit it to happen.
If the Chinese are forbidden to gamble by their government, the online crypto casino should strictly state it upon registration.
even they bypassed it with VPN, the site can be sued for the KYC reason, providing money laundry attempts with a bad KYC system.

STT

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Quote

transfer funds abroad

China has capital controls restricting the free flow and use of currency by their people but they also utilise the idea of capitalism and travel across borders, in quick summary its a mess of nonsense over reaching politics and restriction of peoples existence. The people will always be guilty and liable to forfeit everything including their lives, country first which really means the military and political elite ruling by force. You can gamble in China you just have to do it on their terms and travel to Macau or possibly Hong Kong. In effect anything is legal if you pay the right people just the same way the old communist regime of Russia and likely similar now, neither capitalism or freedom exist for long in these places any more then a bubble might exist briefly floating in the wind.

Lanatsa

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Quote from: rodskee on November 17, 2020, 06:04:19 PM

I'm sure these People are on the hunt and their days are soon be gone,Chinese Government known to be very strict and Cruel(in terms of implementing the Laws) so those money they gather will not be for them,and has no chance of treasuring after being caught .

Imagine trillion of Yuan and this is not a peanut,these people Knows what they are doing and they also Knew the consequences .
Illegal gambling in China that's why Chinese are spreading the world opening casino continuously.

Every government would really take this issue seriously and they cant just let this to slip away and for sure they are already on the hunt since this do talk about trillions of yuan
where government just cant let this to pass.

There no doubt that crypto is one of the most common gateway and even to think that fiat had already been used in the past and totally getting traced is still
hard for them to get rid of it.

rodskee

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I'm sure these People are on the hunt and their days are soon be gone,Chinese Government known to be very strict and Cruel(in terms of implementing the Laws) so those money they gather will not be for them,and has no chance of treasuring after being caught .

Imagine trillion of Yuan and this is not a peanut,these people Knows what they are doing and they also Knew the consequences .
Illegal gambling in China that's why Chinese are spreading the world opening casino continuously.

coin-investor

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Quote from: FlightyPouch on November 17, 2020, 05:33:12 PM

I know someone that is working in China for 12 years now who told me that there is a lot of illegal gambling happening in China. He's working in this store and usually, people talk at that store about these illegal gamblings. If this is the case, I agree that they should just let it be legal but as far as I know, they are in the religion of Buddhism so I think it is related to that?

As China policy and laws they do not adhere to religious teaching, they are not banning gambling because of Buddhism they are banning it because their parties created a law for their citizen since the communist party cane into power in 1949, it's surprising that although they ban gambling in mainland China they have a state own gambling casinos in Macau and Chinese citizens have a lot of underground gambling sites.

I agree that there are a lot of money to be made by the government of China, but do they need it since they have already making huge money from commerce, remember they are already a superpower.

FlightyPouch

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I know someone that is working in China for 12 years now who told me that there is a lot of illegal gambling happening in China. He's working in this store and usually, people talk at that store about these illegal gamblings. If this is the case, I agree that they should just let it be legal but as far as I know, they are in the religion of Buddhism so I think it is related to that?

uray

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Quote from: fiulpro on November 15, 2020, 08:10:11 AM

In china the government reported a case where a gambling Gang as they stated were using cryptocurrencies to transfer funds abroad. According to them trillions of yuan's are illegally being transferred abroad due to gambling.

Looks like a big mafia gang laundering money through gambling sites Cheesy

.

Quote from: fiulpro on November 15, 2020, 08:10:11 AM

They are taking it further by saying how it's not just a financial problem but it's a conspiracy against their nation as a whole.
Plus if people wants to engage it's their personal preference not the fault of the on-line crypto casinos.

This is the typical way in which the Chinese government rules, they will always find conspiracy when people want to access their freedom and there is no freedom for anyone to do whatever they want.

carlfebz2

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Quote from: batang_bitcoin on November 17, 2020, 03:18:36 PM

Quote from: noorman0 on November 16, 2020, 12:19:37 PM

Looking at a country the size of China I am not sure that the Chinese will not avoid the ban.
The Chinese government should provide concessions and allow gambling to be able to control them by utilizing their modern technology, while still earning income from gambling taxes. In return, the consequences for violators of illegal activities in gambling will receive a harsher penalty than before.

They can control it and that's why they are starting to put sanctions and ban it as much as they can. It's what China mostly does if they want to stop censorship into an activity from their citizens and they want to monitor the ins and outs of activity including this. But the reality is that those citizens that do this can fly to the nearest country that they are free to go and just keep doing what they do. They can't track fiat unless they have some planned raid and knowing that it is a crypto transaction, really hard for them to track unless they start to have a suspicion with huge deposits and withdrawals.

Knowing China's type of government then it would always be keen when it comes to monitoring and transparency yet they dont like for things that do really hide from their eyes or scope of awareness.

This is why these kind of decisions will really be made on tracking out everything but i agree that it cant really be stopped nor being getting rid off it completely.

There are lots of various ways on how that citizen can surpass out those governments eyes and do all sorts of things that they do want.This is why illegal cant really be killed off
and been part of the reality but government do still try to find things up.

batang_bitcoin

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Quote from: noorman0 on November 16, 2020, 12:19:37 PM

Looking at a country the size of China I am not sure that the Chinese will not avoid the ban.
The Chinese government should provide concessions and allow gambling to be able to control them by utilizing their modern technology, while still earning income from gambling taxes. In return, the consequences for violators of illegal activities in gambling will receive a harsher penalty than before.

They can control it and that's why they are starting to put sanctions and ban it as much as they can. It's what China mostly does if they want to stop censorship into an activity from their citizens and they want to monitor the ins and outs of activity including this. But the reality is that those citizens that do this can fly to the nearest country that they are free to go and just keep doing what they do. They can't track fiat unless they have some planned raid and knowing that it is a crypto transaction, really hard for them to track unless they start to have a suspicion with huge deposits and withdrawals.

Renampun

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transactions can't be traced? so how do they know there are trillions of yuan transactions abroad...
Cryptocurrency gambling is facing tough challenges since it makes it easier for users to gamble anywhere and without any privacy being leaked, the Chinese government is one example that wants to monitor and control everything in China including their citizens.

Topic: Gambling Gang uses crypto for illegal purposes - page 5. (Read 1368 times)