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China dismisses ex-official for encouraging crypto mining & corruption By BTC Peers

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China dismisses ex-official for encouraging crypto mining & corruption

China’s anti-corruption watchdog announced on Saturday that the Communist Party of China has expelled Xiao Yi from the party. The former vice-chairman of the Jiangxi provincial committee of the people’s political consultative conference was removed from office on grounds of “serious violations of discipline and law.”

It was revealed that Xiao Yi supported and initiated crypto mining activities. This had been banned by the Chinese government.

This might be the first time China’s anti-graft watchdog is expelling an official over crypto mining. Sources claim that Xiao might face criminal charges after the anti-graft watchdog transferred the confiscated property to administrative authorities.

Following a meeting of the National Development and Reform Commission (NDRC), the sack was handed out to local officials. They were instructed by the NDRC to devise systems that strengthen policy that would eliminate and exterminate crypto mining.

Prior to this, the NDRC issued a joint notification with 10 other authorities to eliminate all trace of cryptomining. It also proposed the classification of the crypto mining industry as “outdated,” a decision that could hamper investments in the sector.

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