Deputy Chairman of Jiangxi Province has been dismissed from all government positions and put on trial for assisting mining companies.
Jiangxi Province senior official Xiao Yi has been accused of violating party discipline and banning any business transactions using cryptocurrency instruments. In the findings of the Central Commission for Discipline Inspection and State Supervision, he was charged with corruption and abuse of his powers in the construction and support of mining enterprises in Jiangxi province.
“Xiao Yi violated the political and organizational discipline, the discipline of honesty, the labor and life rules of the party, and was suspected of bribery and abuse of power,” the Central Commission’s website says.
The Standing Committee of the Central Commission approved the decision to expel Xiao Yi from the Chinese Communist Party and all government positions. Xiao Yi’s property was confiscated and the case was referred to the prosecutor’s office.
Since Xiao Yi is considered a civil servant, in addition to the confiscation of property, the death penalty may be imposed by a court decision. This verdict of the court is possible in the event that Xiao Yi’s crime is regarded as causing serious harm to the national and public interests.
Whether Xiao Yi will root out corruption in China’s dying cryptocurrency industry is an ambiguous question. However, it will undoubtedly become a preventive measure that discourages any desire to come into contact with the world of cryptocurrencies, albeit the most severe one.
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