Chinese news outlet, The Legal Daily, has stated that cryptocurrency is a method of hiding bribes and further measures need to be taken against it, according to a report in China's Legal Daily.

At an annual gathering of the China Integrity and Legal Research Association, the issue of cracking down on this kind of corruption was highlighted.

Legal Daily reports Zhao Xuejun, an associate professor of law at Hebei University, as claiming that virtual currencies and electronic gift cards are being used as inefficient intermediaries for bribery.

This is enabled by the ability to store these digital assets in devices which can be taken abroad for cashing out.