China's attitude towards blockchain and gambling is all gung-ho with the country's Ministry of Public Security vowing to eradicate all illegal gambling activities and calling on any suspects to turn themselves in.
The Chinese authorities hope to uproot cross-border gambling through a new amendment which will come into force on March 1, 2021.
The country will now focus on any individuals and organizations which may be soliciting Chinese citizens and luring them away to gambling establishments outside of China.
The Ministry has yet to name the destinations that it will target under its latest amendment, but efforts to crack down on cross-gambling activities have already begun with the Chinese New Year.
Authorities expect gambling activities to spike at this time of year. Director of the Ministry’s Bureau of International Cooperation Liao Jinrong said: “According to relevant data, the annual Spring Festival holiday is the most rampant period for overseas gambling groups to invite gambling and gambling activities.”
China is afraid that a huge outflow of funds will continue to seep through the border and into foreign operators – revenue that the country can otherwise use. One of the key objections against gambling has been the outpouring of money that could otherwise be bolstering economic security in the state.
China will be focusing its efforts on both online gambling websites as well as junket operators starting soon, but anyone who steps forward before April 30, 2021 will get lenience, the authorities have promised.
China's relationship with gambling is fraught and the country continues to hold the activity outside of its scope of regulated operations, opting for a much tougher approach that many societies in the west have reported to not work.
Yet, China is confident that it can stem some of the $150bn gambling funds that outflow yearly and keep its citizens' money intact.