Chinese Communist Party official kicked out for mining crypto • The Register

China’s Central Commission for Discipline Inspection expelled a Communist Party member for authorizing cryptocurrency mining, bribery and other offenses.

An announcement made by the committee on Saturday said that Xiao Yi, a former member and vice-chairman of the Jiangxi Province Political Consultative Conference, had been removed from his post and lost his qualifications as a representative at the 19th National Congress of China. Chinese Communist Party. Some 2,280 delegates attended this congress.

Yi was found guilty of accepting bribes, abusing his position, and authorizing crypto mining.

China has repeatedly banned the use and mining of cryptocurrencies, so Yi should have known that his activities were not permitted. The rap sheet the commission put together in its announcement of his eviction also mentions incidents dating back years, making it unclear whether he was punished for recent or past cryptocurrency activity.

Regardless of its offense, the eviction sends a message about Beijing’s hostility to cryptoassets.

China has also reiterated its deep interest in data privacy. On Sunday, the national cyberspace administration released a draft of new data security requirements and sought comments before they are ratified.

Among the requirements outlined are an eight-hour disclosure deadline for privacy breaches affecting more than 100,000 people, followed by an investigation of the breaches within five days.

Internet companies will also be required to keep records of how personal data has been used for five years. User consent will be required before personal information such as biometrics, health records or religious affiliation can be exploited. Parental approval will be required to use data from children aged 14 or under.

The requirements offer many restrictions on how data can be used outside of China. Government approval will be required before information can be sent overseas, and individuals will need to be notified when their personal information is sent overseas.

Chinese companies looking to list in Hong Kong will have to undergo a security audit before their public debut, a notable feature as China knows its internet giants need foreign investment, but is also wary. external influences.

All the changes in China have scared off at least one notable investor: Singaporean Temasek, who took a stake in Chinese web giants and Dell, told Japan’s Nikkei yesterday he would not invest in Chinese tech companies. as long as he is not more sure of Beijing’s intentions. . ®


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