Shadow gambling causes billions in losses to China

At least 1 trillion yuan (145.5 billion US dollars) is sent from China to gambling every year, which contributes to the emergence of risks for the economic and financial security of the state. This information was confirmed by a high-ranking official in the government of the country.

Groups involved in illegal gambling operations use digital currencies to receive and transfer payments. This makes it difficult to trace sources and creates significant difficulties for the investigation, said Liao Jinrong, director general of the International Cooperation Department of the Ministry of Public Security.

The functionary noted that such operations could undermine China's economic security due to potential collusion between gambling operators and "foreign powers."

Liao's comments came amid a massive effort by Beijing to curb the outflow of funds from state funds in the shadow gambling sector. He said that there are loopholes and oversight gaps, which is why the country is losing huge sums.

In August, China's foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), announced it would step up its supervision of the financial market, starting to crack down on " underground banks” and cross-border gambling.

Recall that in Kazakhstana large-scale project has been launched to combat illegal gambling.

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