Re: Chinese communist officials allegedly paying bribes in Bitcoin
They mostly use cash for bribes. They found 200 million yuan ($33 million) in cash at an energy official called Wei Pengyuans home. They had to use 16 note counting machines to count it, and there were so many notes four of the machines broke under the load.
http://www.bloomberg.com/news/articles/2014-10-31/china-seizes-record-33-million-in-cash-from-official-s-home
http://www.bloomberg.com/news/articles/2014-10-31/china-seizes-record-33-million-in-cash-from-official-s-home
A year ago. Let us hope they get tech-savvy enough to use Bitcoin.
If Chinese officials want to stash illegal wealth abroad, Bitcoin offers an opportunity. Why get bribes in RMB, convert it to BTC and then transfer it out? Why not get bribes directly in BTC?
