The Central Committee of the Communist Party of China (CCP) expelled a senior provincial official after an investigation revealed illegal involvement in crypto mining activities and other abuses of power.
The Central Commission for Discipline Inspection (CCDI) accused Xiao Yi, the former vice chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference, of abusing state-backed administrative power to undermine the political principle of “two safeguards”. This is related to the CCP’s notion of firm safeguarding of the party’s authority:
“[Xiao Yi] Violating the new development concept, abuse of power to introduce and support enterprises to engage in virtual currency “mining” activities that do not meet the requirements of the national industrial policy. “
Xiao’s resignation is directly related to his participation in introducing and supporting companies to engage in virtual currency mining activities. In addition, the Chinese government has determined that Xiao abused his influence to conduct illegal profit-making activities, including raising funds for projects and construction and accepting bribes. according to To the translated version of the CCDI report:
“Xiao Yi seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, and constituted a serious violation of the discipline of his position, suspected of taking bribes and abusing his power.”
As a result, Xiao Yi was dismissed from his position as a Chinese government official, and his property and illegal income were confiscated for review and prosecution.
China’s latest encryption ban has forced a thriving crypto community-including Bitcoin (Bitcoin) And crypto miners and exchanges-countries that move to crypto-friendly jurisdictions.
In a similar effort, Huobi, China’s largest internal cryptocurrency exchange, also obtained a new license from Gibraltar. As reported by Cointelegraph, the Gibraltar Financial Services Commission authorized the Chinese Exchange to begin transferring its spot trading business to the subsidiary Huobi Technology (Gibraltar) Co., Ltd. Du Jun, CEO of Huobi Group, said:
“The global cryptocurrency industry is moving in the direction of regulated growth. […] Companies must recognize the importance of aligning their activities with trends. “