Chinese officials expelled from the party for protecting virtual currency mining

Mr. Xiao Yi, an official in China’s Jiangxi province, was sacked and expelled from the Communist Party of China for many violations, including supporting cryptocurrency mining.

On November 13, Xinhua News Agency reported that Mr. Xiao Yi (Xiao Yi), former vice president of the Chinese People’s Political Consultative Conference in Jiangxi Province, was fired and expelled from the Communist Party of China. (CPC) for many serious violations of CPC discipline and the law.

An investigation by the CPC Central Commission for Discipline Inspection found that Mr. Xiao abused his power to introduce and support virtual currency mining businesses, which went against China’s policies.

Mr. Tieu was also found to have committed other serious violations of law and discipline, including borrowing money to start projects and works, accepting bribes, engaging in illegal profit-making activities, interfering with into judicial activities, using power in exchange for money.

China is tightening regulations on trading, speculating and mining virtual currencies. The country has banned cryptocurrency trading nationwide.

This week, China’s National Development and Reform Commission said virtual currency mining activities should be cleaned up, and virtual currency mining activities involving state entities should be investigated and punished.

Sharing with the Global Times, industry observers said that more than 90% of virtual currency-related businesses have been closed in China following the country’s strictest cryptocurrency trading ban.