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Ripple XRP Becomes One of the Sources for Crypto Crime in China

Gaurav Roy by Gaurav Roy
March 6, 2022
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Criminals in China seemed to utilize cryptocurrencies to transfer funds from illegal and unsanctioned activities. 

CHAINDIGG, a popular data service company in China, broke down the crimes in 2021. The company reported that 67.82% of cases were crypto crimes in this report. These crypto crimes amounted to almost 90 million, according to the firm. 

The company also reported that most of the crypto crimes originated from stablecoins. One of the most used stablecoins was the USDT, amounting to at least 80% illegal activity. 

Ripple XRP Becomes One of the Sources for Crypto Crime in China
Crypto crime amounted to 67.82% of illegal activity in China.

This report also involved crimes using Ripple XRP and over 45,000 investors. This report found an illegal pyramid scheme transacting mostly from Ripple and other cryptocurrencies like TRON (TRX) and Ether (ETH). 

These worrying numbers explained China’s decision to ban cryptocurrencies from their country. According to China, banning cryptocurrencies is for the environmental and logistical interest of the country. 

Ripple XRP Becomes One of the Sources for Crypto Crime in China
China banned cryptocurrencies to prevent money laundering

The report also reported a worrying 223 billion Yuan leaving China into US crypto exchanges, mostly in Bitcoin and other cryptocurrencies. 

Moreover, China is also resulting in heavier sanctions for citizens trading cryptocurrencies, warning them that they would have no government protection if they did so. 

On Ripple’s end, the company continues to create new algorithms and protocols to avoid transacting illegal activities and those that mask money laundering and pyramid schemes. 

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: China crypto ban historyChina cryptocurrency newsChina cryptocurrency price
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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