After investigations revealed that a top official from a province was involved in illegal emgagement, including crypto mining activities, the Central Committee of the Chinese Communist Party (CCP), expelled him.
The Central Commission for Discipline Inspection(CCDI), claimed that Xiao Yi (ex-vice-chairman of Chinese People’s Political Consultative Conference, Jiangxi province) abused his state-backed administrative power to undermine the political principle “two maintenance,” which refers to CCP’s idea of firmly maintaining party authority.
“[Xiao Yi] broke the new development concept and abused power to support enterprises in “mining” virtual currency activities that did not comply with the requirements of the national industry policy.
Xiao was involved in introducing and supporting companies to participate in virtual currency mining activities. This led to his termination. Xiao was also found guilty by the Chinese government of using his influence to permit illegal profit-making activities, including construction projects funding and taking bribes. A translated version of CCDI’s report is available here:
“Xiao Yi” was accused of serious violations of the party’s organizational, political, integrity, work, and life discipline. He also constituted a serious job violation. He was also suspected to have taken bribes from power.
Xiao Yi, a Chinese government official, was therefore expelled and his property and illegal income were seized to be reviewed and prosecuted.
Related: Huobi Group moves to Gibraltar after China crackdown
The most recent Chinese crypto ban has caused the crypto community, including Bitcoin (BTC), crypto miners, and exchanges, to move to crypto-friendly countries.
Huobi, China’s largest crypto exchange, also obtained new Gibraltar licenses. Cointelegraph reported that the Gibraltar Financial Services Commission granted permission for the Chinese exchange’s spot trading operations to be moved to Huobi Technology (Gibraltar) Co. Jun Du, Huobi Group CEO:
“The global cryptocurrency industry is moving towards regulated growth. […] It is important for businesses to recognize the importance of aligning their activities with this trend.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.