China kicked out Communist Party official for breaking crypto rules

[ad_1]

It seems even members of the Chinese Communist Party are not immune to the country’s ban on cryptocurrency mining. The Central Commission for Discipline Inspection on Saturday announced that it had expelled Xiao Yi, former vice president of the Jiangxi Province Political Consultative Conference, for violating the ban.

The registry reported that Yi “was found guilty of accepting bribes, corruptly abusing his position and authorizing the mining of cryptocurrencies.” However, it is not known whether he was punished for incidents that occurred several years ago or if there were more recent offenses. Either way, the party has signaled that even its members shouldn’t dabble in crypto.

Separately, the National Development and Reform Commission said China is moving forward in its efforts to crush cryptocurrency mining operations in the country. Many provinces officially banned mining over the summer, but some operations have continued to defy that ban, and it looks like China has had enough.

The NDRC said on November 10 it had “rolled out the next phase of work” on the ban by “requiring all provinces, regions and municipalities to effectively fulfill their territorial responsibilities, establish a system, monitor, cleanse and rectify virtual currency mining “activities in the region, and strictly investigate and punish” mining “activities involved in the computer rooms of state-owned units. “

The commission will also hit minors where it hurts: their wallets. His statement suggested that anyone paying residential electricity prices who is caught mining a cryptocurrency will be forced to pay “punitive electricity prices” instead, in an attempt to create a “high situation. pressure “which the miners would probably do their best to avoid.

These separate announcements suggest that the Chinese government is not going to do an about-face on the cryptocurrency mining ban anytime soon. Whether it is an official taking bribes to look away from mining operations or illicit miners stealing power, the Chinese government is watching and is ready to take action.

[ad_2]