Chinese official punished for supporting cryptocurrency mining companies is expelled from Communist Party
- Xiao Yi, a top official in Jiangxi province, was found to have illegally supported enterprises for the purpose of crypto mining
- Beijing has driven out most of China’s cryptocurrency mining activities this year in a crackdown that kicked off over the summer
The Central Commission for Discipline Inspection and the National Supervisory Commission found that Xiao Yi, a former vice-chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference, violated the country’s industrial policies, according to a statement posted to the Party’s official website on Saturday.
“[Xiao] violated the new development concept, and abused his power to introduce and support enterprises to engage in virtual currency ‘mining’ activities that do not meet the requirements of national industrial policy,” the government statement said, without disclosing details of Xiao’s infraction.
The investigation also found Xiao guilty of accepting bribes and attending banquets that may have compromised the fulfilment of his duties. In addition, Xiao traded power for money and sex, the investigation concluded, and exploited his position to favour those close to him when promoting personnel and project contracting in exchange for a large amount of property.