Connect with us

Crypto

China’s Communist Party Reportedly Expells Top Official for Supporting Crypto Mining Companies

Published

on

The top politician Xiao Yi became the highest-ranked person in China found guilty of backing digital asset mining enterprises.

The government of China removed Xiao Yi – an official representing the Jiangxi province – from his post after he violated the country’s digital asset policies. According to the prosecution, he illegally supported some cryptocurrency mining businesses.

China Sends a Strong Signal that Crypto Mining Is Forbidden

A recent report by the South China Morning Post informed that Xiao Yi – a former vice-chairman of the Jiangxi Provincial Committee – is no longer part of the Communist Party ruling body due to his connection with digital mining operations. 

Advertisement

The statement revealed that he is the eighth provincial-level official to be placed under investigation this year amid President Xi Jinping’s intensifying anti-corruption campaign. Among them all, Xiao Yi is the highest-ranked politician to be punished for supporting operations involving cryptocurrencies.

“[Xiao] violated the new development concept and abused his power to introduce and support enterprises to engage in virtual currency ‘mining’ activities that do not meet the requirements of national industrial policy,” the Chinese government stated.

In addition, the investigation found Xiao Yi guilty of other crimes such as accepting bribes and attending parties that may have compromised the fulfillment of his duties. The prosecution concluded that he traded power for money and sex and provided privileges to people close to him after they granted him a large amount of property.

Earlier this year, the Chinese government imposed a crackdown on all operations involving cryptocurrencies, with mining being one of them. Prior to that, the most-populated nation was the global mining leader, but the first position now belongs to the USA, while Kazakhstan is second. 

Advertisement

The top politician Xiao Yi became the highest-ranked person in China found guilty of backing digital asset mining enterprises.

The government of China removed Xiao Yi – an official representing the Jiangxi province – from his post after he violated the country’s digital asset policies. According to the prosecution, he illegally supported some cryptocurrency mining businesses.

China Sends a Strong Signal that Crypto Mining Is Forbidden

A recent report by the South China Morning Post informed that Xiao Yi – a former vice-chairman of the Jiangxi Provincial Committee – is no longer part of the Communist Party ruling body due to his connection with digital mining operations. 

Advertisement

The statement revealed that he is the eighth provincial-level official to be placed under investigation this year amid President Xi Jinping’s intensifying anti-corruption campaign. Among them all, Xiao Yi is the highest-ranked politician to be punished for supporting operations involving cryptocurrencies.

“[Xiao] violated the new development concept and abused his power to introduce and support enterprises to engage in virtual currency ‘mining’ activities that do not meet the requirements of national industrial policy,” the Chinese government stated.

In addition, the investigation found Xiao Yi guilty of other crimes such as accepting bribes and attending parties that may have compromised the fulfillment of his duties. The prosecution concluded that he traded power for money and sex and provided privileges to people close to him after they granted him a large amount of property.

Earlier this year, the Chinese government imposed a crackdown on all operations involving cryptocurrencies, with mining being one of them. Prior to that, the most-populated nation was the global mining leader, but the first position now belongs to the USA, while Kazakhstan is second. 

Advertisement

News Source

Crypto

South Korea: Crypto VC Giant Raises $200M After Postponement of Crypto Taxation

Published

on


After consistent efforts at crypto crackdown, South Korea appears to be gravitating towards a pro-crypto approach. The South Korean Crypto-focused Venture Capital firm, Hashed recently announced the launch of its $200 million fund, Hashed Venture Fund II, to invest in web3 oriented startups, which will incorporate metaverse, blockchain gaming, NFTs, and DeFi concentrated companies.

“We are radically optimistic about web3’s potential to restore trust and enable new kinds of governance where players collectively make critical decisions about how the metaverse should be defined”, TheBlock quoted Hashed.

Advertisement

South Korea to Follow Crypto’s Global Growth

This fund is said to be a follow up of Hashed’s former web3 oriented fund, that amounted to approximately $120 million in just three months’ period, from its launch in September of 2020, to December of last year. Through Hashed Venture Fund I, the company made investments in blockchain and other technology startups to further promote protocol economy, designating an open economy underpinned by “independent” and “consensus-driven” protocols to facilitate direct rewards via digital assets. The idea of Web3 and crypto adoption is becoming more mainstream with each passing day. Not only the West, in fact countries across the globe are investing in, and embracing the benefits of the decentralized industry.

Last month, CoinGape reported on CB Insights’ data, revealing that the month of November alone exceeded $3 billion in venture capital funding into crypto and blockchain startups. Furthermore, the value of venture investments in the decentralized industry surged globally, from $3.1 billion in 2020, to $21.3 billion by November 30 of this year.

Earlier this week, South Korean authorities finally folded on its long-standing anti-postponement stance regarding the implementation of crypto taxation in the nation. The National Assembly of South Korea passed a bill on Tuesday to push back the implementation of crypto taxation to January 2023. Kim Young-jin, Chairman of the Tax Subcommittee also noted that imposing taxation on the crypto market without a clear government definition wouldn’t be a good idea.

Advertisement

“There is an inconsistent system for imposing taxes without a clear basis on how to legally define cryptocurrencies in our system… but only in Korea does taxation come before regulation.”

News Source

Continue Reading

Crypto

Kimbal Musk, Elon Musk’s brother launches decentralized philanthropy platform

Published

on

  • Kimbal Musk launch decentralized philantrophy platform.
  • Says he launched platform after learning a lot from Web 3.
  • Crypto continues to integrate with philanthropy on many fronts.

Kimbal Musk, brother to the world’s richest man, Elon Musk, has announced the launch of a “Giving DAO.” He calls it an experiment in “decentralized philanthropy,” (Big Green DAO)

In a tweet he used to announce the DAO launch, Musk said he is deciding to launch the decentralized philanthropy after learning a lot from Web 3. During an interview, he said that one of the goals of the charity is to overhaul the philanthropy industry with the use of blockchain-based tooling – a sector he believes is plagued by inefficiencies.

“Wow, Web 3 has been teaching me a lot. I’ve decided to run an experiment to decentralize philanthropy. This Giving Tuesday, I’m launching the first Giving DAO,” Musk tweeted.

It is safe to say, like Elon, Kimbal Musk is also fascinated by cryptocurrencies and its potential. He called for constructive criticism on his decentralized philanthropy project.

Advertisement

Who is Kimbal Musk?

Kimbal is Elon Musk’s younger brother and a restaurateur, chef, and entrepreneur. He owns The Kitchen Restaurant Group, a nest of “community” restaurant concepts located in Colorado, Chicago, Cleveland, Memphis, and Indianapolis. He is also a board member on Elon’s electric vehicle company, Tesla.

So far, his crypto foray has generated positive feedback on Twitter. “This sounds exciting! The true power of crypto and the blockchain to disrupt philanthropy is yet to be tapped, so it’s great to see you pioneering in this regard,” said one Floki Inu account.

Crypto continues to bond with charity

More and more people change the narrative of crypto being used for illegals by bad actors.

Advertisement

Musk is not the first to integrate the Web 3 and crypto world with philanthropy and charity.

Months back, Médecins Sans Frontièrs (MSF) Doctors Without Borders—received $3.5 million worth of Ethereum from an NFT sale. “This game-changing crypto donation comes at a time where the COVID-19 emergency has compounded the already urgent medical needs of people around the world,” said Jennifer Tierney, MSF Australia’s executive director at the time.

A group of hackers also donated proceeds of their ransomware attacks to charities and NGOs.

Advertisement

The giving block, a crypto charity organization, has been making giant strides providing leading solutions for nonprofits to accept crypto and a platform for donors to give cryptocurrency to their favorite causes. The Giving Block opens new revenue streams for charitable organizations while reducing the crypto tax burden for donors.

News Source

Advertisement
Continue Reading

Crypto

El Salvador’s President Asks the Fed to Stop Printing Money

Published

on

El Salvador’s pro-crypto president commented on a report on the U.S. Fed’s response to escalating economic and financial woes.

On Dec. 1, the outspoken Nayib Bukele responded to a Bloomberg report detailing Federal Reserve chair Jerome Powell’s comments on inflation. Interestingly, El Salvador’s president asked the Fed chief to stop printing so much money out of thin air.

Inflation a Growing Concern

A fresh round of economic anguish has been ignited by last week’s discovery of the new highly-transmissible Covid-19 variant named Omicron by the WHO.

Advertisement

On Nov. 30, Bloomberg reported on the Fed chair’s comments before the Senate Banking Committee this week. Both Democrats and Republicans expressed concerns about high prices and inflation, it added. The central bank chair retired the word “transitory” to describe high inflation that remains a persistent issue in the U.S.

He added that the Fed should start to wrap up its bond purchasing scheme earlier than the scheduled mid-2022 target.

The word used was “tapering,” which refers to a gradual slowing down of purchases of securities and bonds. The central bank has been effectively printing money to buy bonds with the aim of pushing down interest rates which are currently at 0.25%.

Advertisement

Lower interest rates mean more borrowing, which stimulates the economy and spending. However, money printing increases inflation and gradually erodes the value of the currency over time, hence Bukele’s comments today.

According to the Federal Reserve Bank of St. Louis Economic Research (FRED), the five-year breakeven inflation rate surged to over 3% in November – its highest level for more than two decades. As a result, the consumer price index for all urban consumers (Core CPI) – which measures the average cost of goods less food and energy – is also at an all-time high.

The figures are a clear indication that the situation is not “transitory” despite what the Fed claims. The latest Omicron strain could exacerbate America’s economic woes even further if it runs rampant and more lockdowns are enforced.

Advertisement

El Salvador Gains

Naturally, store of value assets that offer a hedge against the greenback and inflation are going strong. As reported by CryptoPotato, Nayib Bukele bought the dip adding 100 BTC to El Salvador’s treasury on Nov. 27.

It has worked out very well for the Latin American nation so far, despite a few protests. A tracking feed that measures the value of the $30 BTC airdrop Bukele gave citizens to spur adoption back in September is reporting a current profit of almost 15% in dollar terms.

Advertisement

News Source

Advertisement
Continue Reading