The Central Commission for Discipline Inspection (CCDI) claimed that the former vice-chairman of the Chinese People’s Political Consultative Conference from Jiangxi province abused his state-backed administrative privileges to disregard the standing political rule of “two maintenance,” which is CCP’s idea of firmly keeping by the standards of the authority of the party:
Reportedly, expelling Xiao came as a direct consequence of being involved in introducing and then subsequently supporting businesses to engage in virtual currency mining activities. Not only that, the Chinese government also found Xiao guilty of unduly using his influence to allow illicit profit-making activities including accepting bribes and raising funds for questionable projects. A translated version of the CCDI reads thus:
“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.”
Consequently, Xiao Yi has been expelled from his position with the government as a Chinese official, while his properties and illegal income have been seized for more investigations and prosecution.
China Not Ready To Lift Crypto Ban
China’s crypto ban has forced many crypto-related businesses and everything else in the crypto community to relocate from the region. The list includes Bitcoin (BTC), exchanges, and even crypto miners, as they search for places that are more crypto-friendly.
In line with the ban, even China’s biggest crypto exchange, Huobi, has also acquired new licenses in Gibraltar. As TheCoinrise reported, the Gibraltar Financial Services Commission gave the approval for the Chinese exchange to start moving its spot-trading operations to its affiliate Huobi Technology (Gibraltar) Co.
