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According to local news sources, Xiao Yi, a former government official in China, has been sentenced to life imprisonment in a trial where he faced various charges, including Bitcoin mining operations and other allegations. Xiao Yi was accused of abuse of power and bribery, among other crimes.
Former Government Official in China Receives Life Sentence
According to reports in the local media, Xiao Yi, a former government official in China, has been sentenced to life imprisonment in a trial where he faced multiple charges, including Bitcoin mining operations. The judge at the Hangzhou People’s Court stated that all the income obtained by Xiao Yi through bribery has been confiscated. Xiao Yi was on trial for corruption, abuse of power, and accepting bribes.
It is reported that the corruption charges against the former government official stem from bribery activities between 2008 and 2021. The abuse of power charges between 2017 and 2021 are related to subsidies provided to Jiumu Group Genesis Technology, a company operating over 160,000 Bitcoin mining machines in Fuzhou at one point.
Bitcoin Mining Among the Charges
Prosecutors claim that Xiao Yi “covered up” his Bitcoin mining activities by instructing relevant departments to fabricate statistical reports and adjust the classification of electricity consumption. Jiumu’s electricity consumption accounted for 10% of Fuzhou’s total electricity consumption from 2017 to 2020. The judge at the Hangzhou People’s Court stated that all the income obtained by former official Xiao Yi through bribery has been confiscated.
China’s Cryptocurrency Policy
As blockchain technology gains broader use and cryptocurrencies achieve global popularity, regulatory agencies in countries have been accelerating their efforts to establish regulations. While some countries, including El Salvador, embrace a more liberal approach to cryptocurrencies, others adopt more restrictive policies.
China is among the countries that have introduced stricter regulations on cryptocurrencies. Despite the Chinese government’s extensive work on blockchain technology and the development of various projects, it has adopted a stricter approach to cryptocurrency regulations compared to many other countries. While various efforts are being made regarding cryptocurrency legislation, the United States has yet to establish a clear regulatory framework for cryptocurrencies.
