The Central Committee of the Chinese Communist Party (CCP) expels a senior regional official following investigations that pointed to illegal involvement in cryptocurrency mining, as well as other abuses of power.
The Central Commission for Disciplinary Inspection (CCDI) said that Xiao Yi, a former deputy chair of China People’s Political Consultative Conference from Jiangxi Province, abused his state-sponsored administrative powers to undermine the “two maintenance operations” political principle, which refers to the idea of strict conservation of party power. :
“[Xiao Yi] broke the new development concept and abused his power to introduce and support companies to engage in virtual currency mining activities that do not meet the requirements of national industrial policy.”
Xiao’s termination was directly related to his involvement in representing and supporting companies to participate in virtual currency mining activities. In addition, the Chinese government found Xiao guilty of abusing its influence to authorize illegal commercial activities, including fundraising for projects and construction, and accepting bribes. According to the translated version of the CCDI report:
“Xiao Yi seriously violated the party’s political discipline, organizational discipline, impeccable discipline, work discipline and life discipline, and was also a serious breach of work and was suspected of accepting bribes and abuse of power.”
As a result, Xiao Yi was fired from his position as a Chinese official, and his property and illegal income were confiscated for inspection and trial.
Related topics: The Huobi group moves to Gibraltar after Chinese persecution
The recent ban on cryptocurrencies in China has forced the growing crypto-community, including bitcoin (BTC), crypto-miners and stock exchanges, to switch to countries with crypto-friendly jurisdictions.
Similarly, Huobi, China’s largest domestic crypto exchange, has received new licenses in Gibraltar. According to the Cointelegraph, the Gibraltar Financial Services Commission has authorized the Chinese stock exchange to begin transferring spot trading to its subsidiary Huobi Technology (Gibraltar), according to Jun Du, CEO of Huobi Group:
“The cryptocurrency sector around the world is moving towards orderly growth. […] The company should be aware of the importance of adapting its activities to the trend.”