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HomeCryptocurrency NewsFormer Fuzhou City Communist Party Secretary Admits to Facilitating Illegal Bitcoin Mining...

Former Fuzhou City Communist Party Secretary Admits to Facilitating Illegal Bitcoin Mining Deals

According to the court, Yi had engaged in illegal business dealings with Bitcoin miners, using his position as a government official to facilitate the transactions and enrich himself. These activities reportedly took place between 2017 and 2021, and it is not clear if they are connected to the corruption charges Yi faced.

The court sentenced Yi to a total of 15 years in prison, with all of his personal assets being seized as part of the sentence. The verdict was met with widespread approval from the public, with many praising the government’s efforts to crack down on corruption and illegal activity.

This case serves as a reminder of the importance of upholding ethical standards and the rule of law, and the consequences that individuals can face for engaging in corrupt and illicit activities. It is hoped that cases like this will help to deter others from engaging in similar behaviors and promote a more transparent and accountable system of governance

 

Despite the government’s efforts to enforce the ban on cryptocurrency mining, it appears that these activities continue to thrive in China. In May of 2022, Cointelegraph reported that China had returned as the world’s second-largest Bitcoin mining hub, despite the ban being in place since September of 2021.

One reason for this may be the decentralized and peer-to-peer nature of cryptocurrency mining, which makes it difficult to completely shut down. Additionally, the legislation itself includes provisions for local authorities to impose a cryptocurrency mining tariff, rather than cutting off energy in the event of discovery.

The Chinese government’s decision to ban cryptocurrency mining was driven by a desire to achieve carbon neutrality targets and reduce high energy costs. However, the continued prevalence of these activities despite the ban highlights the challenges of enforcing such legislation in the digital age.

Source: Cambridge Bitcoin Electricity Consumption Index

The post Former Fuzhou City Communist Party Secretary Admits to Facilitating Illegal Bitcoin Mining Deals appeared first on cryptowiky.

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