China has expelled a party official for supporting an alleged crypto mining firm. The government’s move highlights the continued crackdown on cryptocurrencies in China and could potentially cause other regulators to tighten their grip as well.
China has expelled a party official for supporting a crypto mining firm. The official had been appointed to the Central Commission for Discipline Inspection.
China has once again displayed its anti-crypto stance by dismissing one of its officials for violating the country’s digital asset rules.
China fires a government employee for promoting “crypto mining.”
Xiao Yi, a key government official in Jiangxi Province, went against the government’s “anti-crypto position” by backing crypto mining businesses, according to the South China Morning Post.
“[Xiao] violated the new development concept and misused his position to establish and encourage firms engaged in virtual currency’mining’ operations that do not fit the standards of national industrial policy,” the Chinese authorities said.
Apart from that, the former official was found guilty of bribery, affiliation with groups that might jeopardize his responsibilities, power exchange for money and sex, and a slew of other unlawful behaviors.
The now-disgraced official is one of eight provincial-level officials under investigation by the country’s president for corruption-related violations. He is, however, the first high-ranking politician to be sanctioned for supporting bitcoin businesses.
There is no love lost between China and cryptocurrency.
China was one of the first nations to adopt cryptocurrency, with many of its inhabitants working in the business. In addition, the Asian nation has the distinction of being one of the first to aggressively seek to regulate crypto-related activity inside its borders.
Authorities in the nation outlawed crypto mining and deemed all types of crypto trade illegal earlier this year, threatening to penalize anybody who disobeyed the order.
Many crypto miners have been compelled to shift their operations to crypto-friendly countries as a result of China’s decision to prohibit all crypto-related activity.
In addition, crypto exchanges and other crypto-related firms operating in China have been forced to reassess their operations, with several of them shutting their doors or excluding Chinese customers from their platforms.
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The “crypto mining in china” is a story of a party official who has been expelled from the Communist Party of China for supporting a crypto mining firm.
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