Emerging markets need to crack down on illegal flows via digital currency

Shanghai (Reuters): Emerging markets should crack down on illegal cross-border capital flows done with digital currencies, the chief accountant for China’s foreign exchange regulator said on Monday.

Financial technology, or fintech, potentially increases the risks of illegal cross-border transactions, and global regulators need to coordinate their efforts to counter illegitimate transactions, Sun Tianqi told a forum in Shanghai.

By the end of September, China had closed more than 2,000 forex trading platforms, he said without elaborating.