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 Disciplinary 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 maintenance 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 also determined that Xiao abused his influence to conduct illegal profit-making activities, including raising funds for projects and construction and accepting bribes. according to Translated version of 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 discipline in his position, suspected of taking bribes and abusing his power.”
As a result, in addition to the seizure of property and illegal income for review and prosecution, Xiao Yi was also removed from his position as a Chinese government official.
China’s latest crypto 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 China Exchange to begin transferring its spot trading business to its affiliated 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. “