Why are no corrupt officials embezzling Bitcoin?
There are already many corrupt officials in China who accept and pay bribes through Bitcoin. Why? Because it’s safe and simple. The most important thing is that there is no effective supervision means, and it is all after-the-fact supervision, so judging from the reports, there is not that much.
Corrupt officials can open a wallet or a mainstream CEX exchange account, and the briber can directly call them, thus eliminating the need to transfer funds out of the country and greatly improving efficiency.
The biggest problem now is that mainland China does not have a complete and sound regulatory governance system, nor does it have clear and enforceable legal definitions. This will instead lead to increasingly rampant bribery through cryptocurrencies such as Bitcoin. Because there is simply no law to follow.
