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According to a report by the state daily news program Xinwen Lianbo on Dec. 29, Xiao Yi, the former Communist Party secretary of Fuzhou City, pleaded guilty to corruption charges in the Fuzhou Intermediate People’s Court. ZhejiangHangzhou. During his tenure as director from 2008 to 2021, Yi was accused of accepting more than 125 million Chinese yuan ($18 million) in bribes related to construction programs and illicit promotions. .
In addition to the aforementioned counts, Yi also pleaded guilty to charges related to business transactions between him and Bitcoin (BTC) miners from 2017 to 2021. It is unclear whether the series of charges were related. As reported by Xinwen Lianbo:
During his tenure from 2017 to 2021 as Communist Party Secretary of Fuzhou City, Xiao Yi provided support to cryptocurrency mining companies in the form of grants, capital grants and insurance. electricity. These acts were contrary to national regulations, new development theory, and resulted in massive loss of public property, leading to adverse consequences.
The court has been adjourned and will sentence Yi in the next session.
Citing the need to achieve carbon neutrality goals and high energy costs, the Chinese government banned all cryptocurrency mining activities on September 24, 2021. The legislation blocks cryptocurrency miners’ access to electricity and capital markets and includes a comprehensive investment ban.
However, it appears the ban has been difficult to enforce, in part due to the decentralized and peer-to-peer nature of cryptocurrency mining. In May 2022, Cointelegraph reported that China once again became the second largest Bitcoin mining center in the world despite the ban. The legislation itself also allows local authorities to impose a cryptocurrency mining tariff of 0.30 yuan ($0.0431) per kilowatt-hour of electricity used as an alternative to shutting off power in the event of a discovery.
Chinese crypto miners have proven resilient despite a nationwide crackdown. Source: Cambridge Bitcoin Electricity Consumption Index
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