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Chinese Central Bank officials warns against NFTs as they could ‘easily become money-laundering tools’

Chinese

By Elizabeth Hearst for AMLi

An official at China’s Central Bank has warned against the increasingly popular non-fungible tokens (NFTs) and stressed they could “easily become money-laundering tools”. 

Speaking at a financial convention in Shanghai last week, Gou Wenjun, the Anti-Money Laundering Monitoring and Analysis Centre at the People’s Bank of China said virtual assets are “decentralised, anonymous and without borders… [and] have been widely used in illegal transactions such as blackmail, drug trafficking, gambling, money-laundering, financing for terrorism, tax evasion and cross-border transfer of funds”. 

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