The People’s Bank of China, PBoC, is making moves towards monitoring virtual assets, including NFTs and the metaverse with claims that they can be used for money laundering and other illegal activities.

Director of the Anti-Money Laundering Monitoring and Analysis Centre of the People’s Bank of China, Gou Wenjun, said this while speaking at the 2021 First Lujiazui National Financial Security Summit and the 11th China Anti-Money Laundering Summit.

In the last 24 hours, bitcoin has been up by 0.46%, with a current price of $58,581.50 as of the time of writing this. Within 24 hours, bitcoin dropped to $56,555.10 low and $59,223.38 high. The trading volume of bitcoin in the last 24 hours is $1.71B. The current market capitalization of bitcoin is $1.10T. Currently, $18.89M bitcoins are in circulation.

Stats and Image from Coin Desk

Gou Wenjun emphasized that virtual assets’ decentralized and virtual nature can facilitate illegal transactions and activities such as extortion, drug trafficking, gambling, money laundering, terrorist financing, and tax evasion.

He suggested improved regulatory policies for emerging virtual assets, employing innovative technologies equipped with tracing and tracking systems and information sharing between international financial intelligence agencies.

He further advised that banks and payment institutions should authenticate virtual asset transaction parties with real names so that transactions should be monitored and analyzed,