A former CCP official from Jiangxi province allegedly abused his
administrative powers to undermine the political principle of “two
maintenance,” which relates to the notion of firmly maintaining the
authority of the party.
The Central Committee of the Chinese Communist Party (CCP) expels a
top provincial official after investigations suggest unlawful engagement
with crypto mining activities among other abuse of power.
The
Central Commission for Discipline Inspection (CCDI) alleged that Xiao
Yi, former vice-chairman of the Chinese People’s Political Consultative
Conference from Jiangxi province abused his state-backed administrative
powers to undermine the political principle of “two maintenance,” which
relates to CCP’s notion of firmly maintaining the authority of the
party:
“[Xiao Yi] violated the new development concept,
abused power to introduce and support enterprises to engage in virtual
currency "mining" activities that do not meet the requirements of the
national industrial policy.”
Xiao’s termination was
directly related to his involvement in introducing and supporting
enterprises to engage in virtual currency mining activities. In
addition, the Chinese government found Xiao guilty of abusing his
influence to allow illegal profit-making activities including raising
funds for projects and construction and accepting bribes. According to a translated version of the CCDI report:
“Xiao
Yi seriously violated the party's political discipline, organizational
discipline, integrity discipline, work discipline, and life discipline,
and constituted a serious job violation and was suspected of taking
bribes and abusing power.”
As a result, Xiao Yi was
expelled from his position as a Chinese government official in addition
to having his property and illegal income seized for review and
prosecution.
Related: Huobi Group is moving to Gibraltar following China crackdown
The latest crypto ban in China has forced the thriving crypto community — including Bitcoin (BTC) and crypto miners and exchanges — to shift to countries with crypto-friendly jurisdictions.
In
similar efforts, China’s biggest in-house crypto exchange, Huobi, has
also acquired new licenses in Gibraltar. As Cointelegraph reported, the
Gibraltar Financial Services Commission authorized the Chinese exchange
to begin moving its spot-trading operations to affiliate Huobi
Technology (Gibraltar) Co. According to Jun Du, CEO of Huobi Group:
“The
worldwide cryptocurrency sector is moving toward regulated growth.
[...] The business must recognize the significance of aligning its
activities with the trend.”
source link : https://cointelegraph.com/news/chinese-provincial-official-expelled-for-violating-crypto-mining-ban
