China Official Jailed for Bitcoin-Linked Bribery and Illegal Dealings
Beijing court has sentenced Hao Gang, former deputy director of the Beijing Financial Bureau, to 11 years in prison for bribery and Bitcoin-related money laundering.
The ruling marks another important step in China’s crackdown on financial misconduct related to cryptocurrencies.
China undermines corruption associated with Bitcoin
Court It is said that The verdict was made Thursday, February 6 after two years of investigation into gang activities. Investigators found he accepted tens of millions of yuan to assist Bitcoin Mining Company Face regulatory challenges.
Local reports also show that he helped a senior executive who evades travel restrictions in exchange for illegal payments.
The court initially handed over a separate judgment (eight and four years of money laundering bribes) but later combined it into 11 years in prison. In addition to the time of jail, the gang also imposed a fine of RMB 1.3 million ($164,662).
Additionally, officials confiscated his illegal income and redirected it to the state Treasury Department.
Before investigating his activities, Haogang played an important role in the financial sector in Beijing. His belief reflects China’s strict position on finance Improper behavior related to Bitcoin. The ruling also indicates a continued crackdown on corruption within the sector.
The case follows a similar high-profile sentencing. Last year, the Chinese authorities Sent a government worker to life in prison Sell confidential information to foreign intelligence agencies. The individual reportedly flooded his debt with failed crypto investments and resorted to espionage in exchange for digital assets.
Over the years, Chinese regulators have strengthened restrictions Illegal crypto transactionsconsistent with the government’s long-term position on speculative investment in digital currencies.
However, China’s cryptocurrency regulations Still inconsistent. A rule classifies cryptocurrency transactions as gambling, but previous High Court ruling Acknowledge that digital assets are legal property.
This contradiction reflects the government’s efforts to maintain financial stability as it adapts to the ever-changing digital economy.
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