Chinese official dismissed for collaborating with cryptocurrency miners

\n

A senior official in Jiangxi province has been removed from his post and expelled from the Communist Party for collaborating with cryptocurrency miners.

\n\n

According to the Central Commission for Discipline Inspection определила, that the former vice-chairman of the Chinese People’s Political Consultative Conference in the region abused his powers and violated the principles of state policy.

\n\n

“Xiao Yi seriously deviated in implementing the Central Committee’s core decisions, violated the new development concept, abused his powers to promote and support cryptocurrency mining enterprises that do not conform to the national industrial policy,” the statement said.

\n\n

Authorities also accused the former official of bribery, interfering in the work of the judiciary, using his position to obtain benefits, and other violations.

\n\n

“Xiao Yi seriously violated party, organisational, labour and domestic discipline and was suspected of bribery and abuse of power. This is a serious wrongdoing,” the watchdog said.

\n\n

Xiao Yi’s illicit gains and property were confiscated, and his case has been referred to the procuratorate for consideration in accordance with the law.

\n\n

Earlier in May, the State Council of the PRC decided меры в отношении майнинга and the trading of cryptocurrencies. The leading state information agency Xinhua раскритиковало криптоиндустрию.

\n\n

In September, the People’s Bank of China labeled cryptocurrency operations к незаконной финансовой деятельности. Authorities began examining возможности судебного преследования of trading and mining.

\n