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 discovered that Xiao Yi initiated and backed crypto mining activities, which had been outlawed by the Chinese government, coupled with other corrupt practices, including taking bribes and engaging in trading power for money and sex.
This might be the first time China’s anti-graft watchdog is expelling an official over crypto mining. According to authorities, Xiao could face criminal charges as the anti-graft watchdog is transferring the impounded property to administrative bodies.
The sack came at the heels of a special meeting held by the National Development and Reform Commission (NDRC) instructing local authorities to design systems that will strengthen policies that fish out and eradicate crypto mining projects.
Before now, the NDRC had issued a joint notice with 10 other authorities to wipe out all traces of crypto mining. It also proposed the classification of the crypto mining industry as “outdated,” a decision that could hamper investments in the sector.