Chinese Online Gamblers Spending $146 Billion A Year

The Director General of the Chinese International Cooperation Department under the Chinese Ministry of Public Security Liao Jinrong, has said nationals gamble some $146 billion a year in overseas online gambling businesses.

He went on to say that those online operators collect the large portion of those gambled funds using digital currencies which is making any meaningful investigation into stopping this very difficult.

Going further the Director General said that “the outflow of such a huge amount can erode the economic security.” He added that if the “gangs” behind the casinos and crypto-based gambling would conspire with the “foreign powers” against the subcontinent, it would pose a financial security risk.

Liao went on to say that the inadequate supervision of suspicious transactions by payment service providers, third-party institutions, merchants and e-commerce platforms are causing unprecedented outflow of funds from China.

The Director General went on to say that there is great difficulty in tracing these funds due to the collaboration between these online gambling platforms and criminal gangs helping them.

 He said that the government are finding new ways to identify unusually high transactions are suppressing these as much as they can however it is becoming more difficult said Liao.