CHINA China's top anti-corruption agency to keep close watch on virtual currency mining

CHINA

China's top anti-corruption agency to keep close watch on virtual currency mining

Global Times

22:36, March 24, 2022

Bitcoin, a type of cryptocurrency Illustration: VCG

Bitcoin, a type of cryptocurrency (Illustration: VCG)

China's top anti-corruption agency has vowed to be vigilant toward virtual currency mining in order to achieve carbon neutrality.

The Central Commission for Discipline Inspection (CCDI) will watch closely for any misconduct or corrupt activity associated with virtual currency mining and punish the violations strictly according to rules and regulations, the commission announced on its official website on Thursday.

This comes after investigations into illegal virtual currency mining cases have found out that some employees from state-owned enterprises and officials have abused their duties to participate in and assist the illegal mining.

Such violations of rules and discipline must be investigated and dealt with severely, the CCDI stressed.

Xiao Yi, a former vice chairman of the Jiangxi Provincial Committee of the Chinese People's Political Consultative Conference (CPPCC), was sacked and expelled from the Party last November for violations including supporting virtual currency mining, which is against China’s regulations.

During a special rectification last year, the Zhejiang Provincial Commission for Discipline Inspection and Supervision found 48 state-owned enterprise employees who used public resources to engage in the illegal currency mining.

Virtual currency mining consumes huge amounts of electricity, which runs counter to the goal of carbon neutrality. It was listed as an industry to be eliminated by the country in January.

Under tight supervision, virtual currency mining has been effectively curbed, but some of the mining activities have been transferred underground and stronger rectification work is needed, the CCDI said.

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