China expels party official for supporting crypto mining firm


Bybit - Get 50% APY on MANA & IMX

China has again demonstrated its anti-crypto position by relieving one of its officials from his position because he violated the country’s policies on digital assets.

China sacks official for supporting “crypto mining” 

According to the South China Morning Post, Xiao Yi, who is a top government official in the Jiangxi Province, went against the government’s “anti-crypto stance” by supporting crypto mining enterprises.

The Chinese government went on to reveal that “[Xiao] violated the new development concept and abused his power to introduce and support enterprises to engage in virtual currency ‘mining’ activities that do not meet the requirements of national industrial policy.”

Apart from that, the ex-official was also found guilty of several crimes including bribery, association with parties that could compromise his duties, exchange of power for money and sex, and many other illegal activities.

The now-disgraced official is among the eight provincial-level officials that the country’s president had placed under investigation for corruption-related offenses. However, he is the first top-ranked politician to be sanctioned for backing cryptocurrency operations.

No love lost between China and crypto

Globally, China was one of the earliest countries to embrace crypto as many of its citizens were involved in the industry. Equally, the Asian country also holds the distinction for being one of the first countries that are actively looking to curb crypto-related activities within its jurisdiction.

Earlier this year, authorities in the country banned crypto mining activities and at the same time declared all forms of crypto trading illegal while threatening to sanction defaulters of this order.

China’s decision to ban all crypto-related activities has had a ripple effect on the industry as many crypto miners have been forced to relocate their businesses to crypto-friendly jurisdictions.

Also, crypto exchanges and other crypto-related businesses operating within China have had to rethink their operations within the country with many of them closing shops or banning Chinese users from their platform.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Bybit - Get 50% APY on MANA & IMX

Like what you see? Subscribe for updates.



Source link

Latest articles

Asia’s Richest Man is Bullish on Blockchain

His comments come as India prepares to introduce a new bill in parliament to regulate the crypto sector. Blockchain and DeFi, or decentralized fiance,...

‘Omicron,’ ‘dogecoin’ top list of 2021’s most mispronounced words

"Cheugy" is apparently a lot to chew on. Grammy Award-winning singer-songwriter Billie Eilish and Philadelphia Eagles center Jason Kelce have something in common...

TA: Bitcoin Consolidates Gains, Why Dips Could Be Limited Below $50K

Bitcoin extended its recovery above $51,000 against the US Dollar. BTC must remain stable above $49,500 to continue higher in the near term. Bitcoin...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here