A Beijing court sentenced Hao Gang, a former deputy director of the Beijing financial office, at 11 years in prison for corruption and money laundering linked to Bitcoin.
The decision marks another important step in the repression of China against financial misconduct linked to cryptocurrency.
China retracts corruption linked to bitcoin
The court would have returned its verdict on Thursday, February 6, after a two -year investigation into the activities of the gang. The investigators found that he had accepted tens of millions of yuan in bribes to help the Bitcoins mining companies faced with regulatory challenges.
Local reports also indicate that he has helped a senior executive from a large mining company elevates travel restrictions in exchange for illicit payments.
The court initially inflicted separate penalties – eight years for corruption and four for money laundering, but later merged them into a sentence of 11 years in prison. In addition to prison, Gang received a fine of 1.3 million RMB ($ 164,662).
In addition, officials confiscated his revenues obtained illegally, redirecting them to the state treasury.
Hao Gang played an important role in the Beijing financial sector before the start of the investigation into its activities. His conviction reflects the strict position of China against financial misconduct linked to Bitcoin. The decision also indicates a continuous repression of corruption in the sector.
This case follows a similar conviction. Last year, the Chinese authorities sentenced a government worker to life imprisonment for having sold classified information to a foreign intelligence agency. The individual, who would have drowned in terms of investments in defective cryptography, used espionage in exchange for digital assets.
Over the years, Chinese regulators have reinforced the restrictions to limit illegal cryptographic transactions, corresponding to the long -standing position of the government against speculative investments in digital currencies.
However, the approach of China to the regulation of cryptocurrencies remains inconsistent. While a decision has classified cryptographic trading as games of chance, a previous decision of the High Court recognized digital assets as legal property.
This contradiction reflects government struggle to maintain financial stability while adapting to the evolution of the digital economy.
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