Thursday, July 25, 2024

For ‘Supporting Crypto Mining Activities,’ a top Chinese official has been fired

Xiao Yi is a top official of the CCP (Chinese Communist Party). According to reports from both international and Chinese national news outlets, Xiao Yi has been sacked from his position and membership of CCP for demonstrating pro-crypto views. The Central Commission for Discipline Inspection (CCDI) accused Yi of being pro-cryptocurrency and going against state law. CCDI is the highest internal supervisory board in China. Xiao Yi was a long-time official of the Jiangxi Provincial Committee. His ousting from the CCP comes as a major shock for Chinese citizens. However, it is also true that China has always dealt strictly with those who speak against the government. Be it journalists reporting events of Covid-19 or business tycoon Jack Ma, the CCP has not spared anybody.

In September, China launched an intensive campaign against crypto miners. All Bitcoin miners were arrested and penalized, and many left the country to seek refuge elsewhere. As a consequence of China banning cryptocurrency and mining, countries like Ukraine, Kazakhstan, Singapore received many leading blockchain and mining experts. While it has had an overall good effect on Singapore and Ukraine, the same cannot be said of Kazakhstan, where the government is failing to deal with illegal miners.

The accusations against Xiao Yi revolve around him accepting gifts in the form of cryptocurrency and attending an event hosted by crypto entrepreneurs and funded by cryptocurrency. The case will be taken to court, and Xiao Yi will have a chance of pleading innocent if he is being wrongly accused.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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