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A Senior Communist Party Official In China Has Been Arrested For Supporting Bitcoin Mining

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The Central Commission for Discipline Inspection (CCDI), China’s top anti-corruption body, has fired a high-ranking Communist Party official in Jiangxi Province for alleged misconduct related to bitcoin mining activity.

 

The information comes from the South China Morning Post (SCMP), which published it on Saturday (13).

Xiao Yi, 59, was also arrested, according to journalist Colin Wu, a reference in the coverage of the Chinese crypto industry.

“The investigations revealed that Xiao Yi abused his power to encourage companies to engage in virtual currency mining activities that are not in accordance with national policy,” CCDI said in Saturday (13), according to the SCMP. Now Yi must face the Chinese court.

Xiao Yi, 59, faces allegations of conspiracy against the government, abuse of authority, bribery, judicial obstruction, and “moral degeneration,” which occurs when an action contradicts a country’s moral principles.

 

In September of this year, the Chinese government launched a fresh wave of persecution against cryptocurrencies in the nation, extending previous bans on mining, trading, and access to the financial system via intermediaries. Concerning mining, the debate also centred on China’s efforts to meet its carbon-neutral targets.

With the Chinese government’s imposition, large bitcoin mining businesses began to migrate to other nations, such as the United States. According to a recent Cambridge University research, the United States has surpassed China as the global leader in the Bitcoin mining sector.