OK Group will start collaborating with Chinese authorities in their fight against money laundering using blockchain technology.
The blockchain technology company’s subsidiary OKLink has now officially partnered with Nanjing Public Security Research Institute. Through the integration of distributed ledger technology, this cooperation will help with public security and social governance.
“To some extent, cracking down on fraudulent projects involving cryptocurrency can help local police obtain income, so they are also very motivated.”Wu Blockchain Twitter
The two parties will establish a research laboratory that will explore strategies and analyze on-chain data, which will assist in the battle against illegitimate financial activities. The lab, called Chaintelligence, will also provide talent training and help track down illegally obtained digital assets.
“OKLINK has reached a cooperation with Nanjing Public Security Research Institute to establish a laboratory, and China’s cryptocurrency leaders have more frequent cooperation with local police.”WU Blockchain Twitter
China’s cryptocurrency crackdown caused a literal market crash in May. The State Council of China decided to shut down everything related to this industry. The council thinks digital currency mining not only increases pollution, but it can also interfere with the financial stability of the country.
Even though the Chinese government is against cryptocurrencies and mining, we can’t say the same thing about blockchain technology and CBDCs.
Beijing’s rail transit service is currently accepting digital yuan from passengers. The new form of payment can be done through the mobile application offered by the Industrial and Commercial Bank of China. The pilot program was disclosed earlier this month, and it will be available in 24 subway lines and four suburban railway stations. Only those who have an account at the Industrial and Commercial Bank of China will be able to access the new service.
China is one of the most advanced countries when it comes to central bank cryptocurrencies. The government announced at the beginning of June that it was about to hold the third lottery for the Central Bank Digital Currency pilot. Free online wallets containing $6 million in digital yuan were going to be offered to winners. The lottery took place in Beijing, the third city to test the CBDC also known as eCNY.