The justice ministry of Taiwan has reported an increase in bribery cases involving the use of Bitcoin (BTC) and Ethereum (ETH).
According to the China Times, Taiwan’s justice ministry has issued a warning stating that cash is no longer the sole form of currency used in corruption cases. The ministry expressed concerns about the emergence of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies as tools of corruption.
It specifically mentioned the fear of these cryptoassets being used as “election bribery tools” leading up to the general elections scheduled for next year.
Taiwan is preparing for upcoming presidential elections in mid-January 2024. The justice ministry has stated that the police and prosecutors are taking active measures to prevent the use of cryptocurrencies and other corrupt methods from influencing the election.
Their efforts aim to ensure a fair and transparent electoral process, free from the influence of illicit activities involving cryptoassets.
According to the ministry, individuals attempting to bribe officials are adopting different methods that are constantly evolving. These methods now go beyond traditional cash bribes and also include cryptocurrencies like Bitcoin and Ethereum.
In addition, corrupt individuals are using mobile e-payment platforms such as Line Pay, Pi Wallet, Jiekou, and Oufubao to offer bribes in anticipation of the upcoming elections. The ministry is alert to these changing tactics and aims to address them effectively.
The ministry also mentioned that in the past twenty years, significant amounts of money have been given as rewards to people who provided information to the police regarding potential bribery cases. These rewards amounted to millions of dollars and served as incentives for individuals to report instances of suspected corruption.
Prices of the fiat TWD versus Ethereum over the past 12 months. (Source: XE.com)
Taiwanese Bitcoin and Ethereum bribery cases are on the rise, involving corrupt officials:
According to the Supreme Prosecutor’s Office, a total of 1,335 corruption cases were investigated following the municipal elections held last year. As a result, more than 700 individuals have been taken to trial on charges related to corruption in the elections.
Several individuals involved in bribery cases include former members of Taiwan’s executive body, former central government officials, a mayor, a city council speaker, a deputy speaker, and other high-ranking public officials. Additionally, there were reports last month about Taiwan Mobile, one of the country’s major telecommunications companies, engaging in discussions with local cryptocurrency platforms.
According to sources familiar with the matter, Taiwan Mobile is considering a partnership agreement with at least one of the cryptocurrency firms.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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