TechFlow, August 17 — According to China News Service, Duyun City Public Security Bureau in Guizhou Province has explored a new practical model for preserving virtual currencies involved in cases. Since China's strict ban on virtual currency trading in 2021, public security agencies across the country have faced technical challenges in preserving and disposing of virtual currencies involved in cases.
In handling cases, Duyun Public Security discovered that some suspects had converted illicit proceeds into virtual currencies. In response, local authorities adopted cold wallet technology to physically isolate and store seized virtual currencies, which are then centrally kept at the Duyun City Joint Management Center for Case-Related Property, awaiting final court rulings.
Since its operation began in November 2022, the center has received 24,753 case-related items, over 20.49 million yuan in case-related funds, and more than 7,000 case files. Duyun Public Security's initiative provides a reference model for other regions nationwide in managing the preservation of virtual currencies involved in cases.
