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China sentences former party official to life in prison for enabling crypto mining

china-sentences-former-party-official-to-life-in-prison-for-enabling-crypto-mining
Edited by
News
China sentences former party official to life in prison for enabling crypto mining

The Hangzhou Intermediate People’s Court has convicted a former Chinese party official, Xiao Yi, for abuse of power and bribery.

Xiao Yi has received a life imprisonment sentence. Officials clarified that he misused his authority to support the growth of Bitcoin mining by facilitating financial support and power supply arrangements.

An Aug. 22 report reveals that the offender accepted bribes totaling almost $17.4 million.

The report noted that the bribery charges were categorized as notably substantial, while the abuse of power charges were deemed exceptionally serious.

In September 2017, the Chinese authorities banned Bitcoin trading and other cryptocurrencies.

In 2019, the National Development and Reform Commission (NDRC) classified crypto mining as undesirable due to its negative impact on the environment.

Later on, in 2021, China’s state council announced that crypto mining was banned and classified as an illegal activity.