Hong Kong Media: Virtual Currency Becomes New Bribery Tool in China
According to Hong Kong media, virtual currency has become a new tool for bribery in China. Recently, Chongqing Mayor Hu Henghua and others have been implicated in receiving Tether (USDT), with the anonymity and cross-border capabilities of virtual currencies being exploited for illicit activities.
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- 📰 Published: May 4, 2026 at 10:28
- 🔍 Collected: May 4, 2026 at 11:01 (32 min after Published)
- 🤖 AI Analyzed: May 4, 2026 at 11:14 (13 min after Collected)
Central News Agency (Hong Kong, May 4th) – According to reports, virtual currency has become a new tool for bribery in China. Recently, Chongqing Mayor Hu Henghua and others were dismissed, with reports indicating involvement in receiving Tether (USDT).
Ming Pao reported today that virtual currency is not legal tender in mainland China, and transactions are not protected by law. However, because virtual currency and holder identity are separate, and it is completely isolated from commercial banking and payment institution systems, it can be freely traded on the blockchain, circulate across borders without geographical restrictions, has strong concealment, and is extremely difficult to regulate, thus becoming a new tool for bribery in mainland China.
The report pointed out that Hu Henghua and Chongqing Municipal Party Committee Standing Committee member and Liangjiang New Area Party Committee Secretary Luo Lin were successively dismissed, with reports indicating they received Tether as bribes, including Hu Henghua's alleged receipt of 210 million RMB.
The report cited sources from Caixin.com in mainland China, stating that in the bribery cases of Hu Henghua and others, Peng Jing, a member of the National Committee of the Chinese People's Political Consultative Conference and founding partner of Chongqing Jingsheng Law Firm, was a key figure, suspected of assisting in money laundering under the guise of "legal fees"; Peng Jing was taken away on April 19.
In addition, Lin Xiucheng, the former richest man in Xiamen, Fujian, actual controller of San'an Optoelectronics, and "China's LED King," and his son-in-law, San'an Optoelectronics General Manager Lin Kechuang, were also taken away for involvement in the case; Lin Kechuang allegedly paid Tether to Hu Henghua.
The report stated that using virtual currency for bribery has become a new trend in China's anti-corruption efforts. Yao Qian, former head of the Technology Supervision Department of the China Securities Regulatory Commission and former director of the Digital Currency Research Institute of the People's Bank of China, was placed under investigation in April 2024, also for allegedly receiving virtual currency as bribes.
The investigation found that in 2018, Yao Qian accepted a request from a crypto industry boss surnamed Zhang to contact a virtual currency exchange, helping his company successfully issue tokens and raise 20,000 Ethereum. Subsequently, Mr. Zhang gave Yao Qian 2,000 Ethereum as a thank you, which at one point was worth over 60 million RMB. (Edited by Lu Jia-rong) 1150504
Ming Pao reported today that virtual currency is not legal tender in mainland China, and transactions are not protected by law. However, because virtual currency and holder identity are separate, and it is completely isolated from commercial banking and payment institution systems, it can be freely traded on the blockchain, circulate across borders without geographical restrictions, has strong concealment, and is extremely difficult to regulate, thus becoming a new tool for bribery in mainland China.
The report pointed out that Hu Henghua and Chongqing Municipal Party Committee Standing Committee member and Liangjiang New Area Party Committee Secretary Luo Lin were successively dismissed, with reports indicating they received Tether as bribes, including Hu Henghua's alleged receipt of 210 million RMB.
The report cited sources from Caixin.com in mainland China, stating that in the bribery cases of Hu Henghua and others, Peng Jing, a member of the National Committee of the Chinese People's Political Consultative Conference and founding partner of Chongqing Jingsheng Law Firm, was a key figure, suspected of assisting in money laundering under the guise of "legal fees"; Peng Jing was taken away on April 19.
In addition, Lin Xiucheng, the former richest man in Xiamen, Fujian, actual controller of San'an Optoelectronics, and "China's LED King," and his son-in-law, San'an Optoelectronics General Manager Lin Kechuang, were also taken away for involvement in the case; Lin Kechuang allegedly paid Tether to Hu Henghua.
The report stated that using virtual currency for bribery has become a new trend in China's anti-corruption efforts. Yao Qian, former head of the Technology Supervision Department of the China Securities Regulatory Commission and former director of the Digital Currency Research Institute of the People's Bank of China, was placed under investigation in April 2024, also for allegedly receiving virtual currency as bribes.
The investigation found that in 2018, Yao Qian accepted a request from a crypto industry boss surnamed Zhang to contact a virtual currency exchange, helping his company successfully issue tokens and raise 20,000 Ethereum. Subsequently, Mr. Zhang gave Yao Qian 2,000 Ethereum as a thank you, which at one point was worth over 60 million RMB. (Edited by Lu Jia-rong) 1150504