China’s Central Commission for Discipline Inspection has punished a provincial official for unauthorised cryptocurrency mining, Securities Times reported.
Xiao Yi, now a former Communist Party member and vice-chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference, was accused of abusing his power to divert public funds into bitcoin mining as well as illegal fundraising for construction projects.
He was expelled from public office, had his assets confiscated and his case has been referred to prosecutors.
Read the full report: Securities Times
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