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A Chinese Official Receives Bribes Worth 125 Million Yuan in Order to Assist Bitcoin Miners

A Chinese Official Receives Bribes Worth 125 Million Yuan in Order to Assist Bitcoin Miners

Xiao Yi, a former member of the Chinese Communist Party and vice-chairman of the Chinese People’s Political Consultative Conference’s Jiangxi Provincial Committee who took bribes and misused his position, was the subject of a public hearing on December 29 at Zhejiang Province’s Hangzhou Intermediate People’s Court.

The defendant, Xiao Yi, and his attorneys appeared in court to participate in the proceedings, while the Hangzhou People’s Procuratorate sent employees to support the prosecution. Defendant Xiao Yi held positions as the Beijing office director of the Jiangxi Provincial People’s Government, the Fuzhou Municipal Party Committee secretary, and the vice chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference between 2008 and 2021. He utilized these roles each time to help Bitcoin miners with development projects and contracts.

He assisted while illegally obtaining more than 125 million yuan in cash. While acting as Secretary of the Fuzhou Municipal Party Committee from 2017 to 2021, Xiao Yi breached the law and the new growth model.

According to the court, the illegal providing of unlawful assistance to numerous mining companies had negative consequences and resulted in severe harm to “public property.” During the trial, defendant Xiao Yi and his counsel cross-examined the public prosecution’s major evidence.

The prosecution and the defense delivered their full testimony in front of the court. Xiao Yi acknowledged his guilt in front of the court during his final statements. The lawsuit was subsequently dismissed, and the court gave the ruling.

A Chinese state-owned media outlet recently announced the launch of the “China Digital Asset Trading Platform,” a government-backed non-fungible token (NFT) marketplace. The portal was created in collaboration with China Technology Exchange, the Huaban Digital Copyright Service Center Co., Ltd., and China Cultural Relics Exchange Center.

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