Security News > 2021 > November > Chinese Communist Party official expelled for mining cryptocurrency

China's Central Commission for Discipline Inspection has expelled a communist party member for allowing cryptocurrency mining to happen, corruption, and other infractions.

A Saturday announcement by the commission stated that Xiao Yi, formerly a member and vice chairman of the Jiangxi Provincial Political Consultative Conference, was stripped of his post and lost his qualifications as a representative to the 19th National Congress of the Communist Party of China.

China has repeatedly banned the use and mining of cryptocurrencies, so Yi should have known his activities were not allowed.

The requirements offer plenty of restrictions on how data can be used outside China.

Chinese companies seeking to list in Hong Kong will need to submit to a security audit before their stock market debut, a notable item as China knows its internet giants need foreign investment but is also wary of outside influence.

All the changes in China have spooked at least one notable investor: Singapore's Temasek, which has taken a stake in Chinese web giants and in Dell, yesterday told Japan's Nikkei it won't invest in Chinese tech companies until it feels more certain about Beijing's intentions.

News URL

https://go.theregister.com/feed/www.theregister.com/2021/11/16/china_cryptomining_expulsion/