By George Ward
The Chinese government recently revealed that one of its officials had accepted a staggering 125 million Yuan (roughly $19 million) in bribes to help Bitcoin miners in the country. This is an unprecedented amount of money to be accepted as a bribe. It is a stark reminder of Bitcoin’s popularity in China despite a nationwide ban on cryptocurrencies.
A Concerning Incident
Chinese media outlets first reported the news. The official involved in the scandal has not been named, but there are rumors that he works with the Ministry of Industry and Information Technology (MIIT).
A Chinese Bitcoin miner allegedly paid the money in exchange for the official’s assistance in “facilitating” the miner’s operations. This particular case is particularly concerning, given the amount of money involved.
Also, it serves as a reminder to other countries that corruption can exist in even the most prominent and regulated industries. Nevertheless, the Chinese government has clarified that it will not tolerate this behavior.
The Chinese government has promised to take action against the officers involved and take steps to ensure that similar incidents do not happen in the future. For Bitcoin miners in China, this is a reminder that they must remain vigilant and aware of the potential for bribery and corruption.
Offers That Seem Too Good To Be True
This incident reminds Chinese crypto miners to be wary of any offers that seem too good to be true, as no one person can influence the government’s decision. Meanwhile, the Chinese government has taken action against the officials involved and is also taking steps to ensure that similar incidents do not occur again.
This report shows just how deeply intertwined the Chinese government is with the Bitcoin mining industry in the country. The fact that an official would risk his reputation and career to accept such a large amount of money in bribes speaks volumes about miners’ level of influence in the country.
It also reinforces the point that the Chinese government is still serious about its crackdown on the industry. Hence, it is willing to take drastic measures to ensure that miners do not become too powerful.