China accuses digital economy promoter of crypto-linked corruption
- Former Fuzhou Communist Party chief ‘abused his power to encourage virtual currency mining’
- Party watchdog says Xiao Yi has lost his job and will probably face criminal charges
The Central Commission for Discipline Inspection (CCDI) said on Saturday that Xiao Yi, a former vice-chairman of the Jiangxi people’s political consultative conference, had been stripped of his public office and would probably face a criminal trial.
“Investigations revealed that Xiao Yi … abused his power to introduce and support companies to engage in virtual currency ‘mining’ activities that do not conform with the national industrial policy,” the CCDI said.
It also accused Xiao, 59, of “colluding with illegal private enterprises owners to abuse power for personal gain”, taking bribes, “trading power and money for sex”, “interfering in judicial activities” and “moral decay”.
The energy-intensive activities were banned on September 24 as part of the country’s push to reach carbon neutral targets and over concerns that the transactions were “disrupting the economic and financial order”.