Xiao Yi is the man believed to be the reason behind China’s crypto mining ban

An exclusive update on the arrest of Xiao Yi, a former party member and vice chairman of the Jiangxi Province People’s Political Consultative Committee, takes a completely different perspective from speculation, which is seen as one of the main reasons China’s central government bans cryptocurrency mining.

Xiao Yi to be The man is said to be the reason behind the ban on cryptocurrency mining in China

An investigation by the Central Commission for Disciplinary Inspection and the State Supervisory Commission as well as the Central Committee of the Communist Party of China found Xiaos “serious violations of discipline and law.” Country.

According to a recent tweet by Chinese journalist Colin Wu, Xiao Yi was arrested for abusing his power to establish and support companies involved in virtual currency mining activities that did not meet national industrial policy requirements. The most shocking aspect, however, was revealed with industry speculation highlighting the dispute between the company it sponsored and the dispute over origin mining, which in turn led to the start of the mining ban.

Amid the ban on cryptocurrencies in China, the government has been targeting cryptocurrency mining companies since the raid began. In October, the Central Bank of China published a series of guidelines banning cryptocurrencies, deemed all crypto-related transactions to be illegal, and urged authorities to actively do the deal.

A series of closings of mining centers across the provinces led to the biggest cryptocurrency crisis of all time. And the result of the crisis was the miners’ confusion in finding new oil rigs.

From adding crypto mining to the industry “blacklist” and monitoring IP addresses, to filtering out illegal crypto mining activity in the country, to closing mining farms, you will place a tight network of connections to keep the Curb activity and ultimately eliminate it. Last month, the world’s largest Bitcoin mining pool, Ant Pool, gave in to regulatory action and announced that it would block IP access in mainland China effective October 15.

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