Beijing Zhongtianfeng partners with CITIC Bank to develop a virtual money asset disposal system.

Gate News bot message, Lawyer Liu Yang publicly disclosed information showing that Beijing Zhongtianfeng Security Protection Technology Co., Ltd. (a wholly-owned subsidiary of Zhongtianfeng) has jointly developed a “Virtual Money Disposal Reflow Clearing System” with CITIC Bank. This system is currently deployed on the police internal network and has received filing approval from the People’s Bank of China and the State Administration of Foreign Exchange.

The disposal funds will be repatriated to the Beijing branch of China CITIC Bank through the internal account fund clearing channel through the Hong Kong branch of China CITIC Bank. The funds are collected, declared, settled and transferred in the account, and the foreign exchange list is registered as “non-tax income from fines and forfeitures of overseas assets”.

Currently, there are differences in handling institutions across various regions, such as the Beijing Public Security Bureau collaborating with the Beijing Property Exchange, while the Suzhou Public Security Bureau chooses to partner with the Suzhou Bita Digital Asset Service Center.

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