Central Commission for Discipline Inspection and National Supervisory Commission website: Keep a close eye on corruption and other issues behind virtual currency mining

Fourteen departments in Huangshi, Hubei jointly rectified virtual currency "mining" activities. The Guangdong Provincial Development and Reform Commission announced typical cases of rectification of virtual currency "mining" in Guangzhou and Jieyang. Multiple departments in Zhejiang continued to work together to resolutely crack down on virtual currency "mining" and trading speculation... In order to implement the "Notice on Rectification of Virtual Currency "Mining" Activities", all localities and departments continue to maintain a high-pressure situation to rectify virtual currency "mining", maintain financial market order, and promote the path of green, low-carbon and high-quality development.

Virtual currency "mining" activities run counter to my country's goals of carbon peak, carbon neutrality and high-quality development, and are incompatible with the complete, accurate and comprehensive implementation of the new development concept. Virtual currency "mining" activities refer to the process of calculating and producing virtual currency through special computers, namely "mining machines". It is a high-energy-consuming project with large energy consumption and carbon emissions, and low contribution to the national economy. Not only that, the "mining" project has limited driving effect on industrial development, scientific and technological progress, and the risks derived from the production and trading of virtual currency are becoming more and more prominent. Its blind and disorderly development has an adverse impact on the high-quality development of the economy and society and energy conservation and emission reduction. For some time, the discipline inspection and supervision organs have insisted on looking at it from a political perspective, based on their functions and responsibilities, strengthening precise supervision, and promoting the rectification of virtual currency "mining" to be solid and detailed and implemented in place, providing strong guarantees for the complete, accurate and comprehensive implementation of the new development concept.

We must keep a close eye on the style, responsibility and corruption issues behind virtual currency "mining" and punish them severely in accordance with regulations, discipline and law. Judging from the cases of virtual currency "mining" investigated and dealt with, some staff members of state-owned units have used public resources to participate in "mining" at the expense of public interests. Some state-owned units suspected of using public resources for "mining" have failed to conduct self-examination and self-correction, and the problem of "mining" has been repeatedly banned. Violations of regulations and disciplines and dereliction of duty must be resolutely investigated, severely punished and deterred. In November 2021, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission issued a notice on the party discipline and administrative sanctions against Xiao Yi, former member of the Party Leadership Group and Vice Chairman of the Jiangxi Provincial Committee of the Chinese People's Political Consultative Conference, pointing out that Xiao Yi had serious deviations in implementing the major decisions and arrangements of the Party Central Committee, violated the new development concept, and abused his power to introduce and support enterprises to engage in virtual currency "mining" activities that did not meet the requirements of national industrial policies. The Zhejiang Provincial Commission for Discipline Inspection and the Supervisory Commission jointly carried out a special rectification of "mining" with relevant departments, starting with public officials and staff of state-owned units, and spot-checked 36 IP addresses of 20 state-owned units in 7 regions across the province, and investigated and dealt with 48 people who took the initiative to "mine" using public resources.

We should focus on the "three new and one high" and "dual carbon" goals to strengthen supervision and promote the formation of a joint force for the whole chain of virtual currency "mining". Integrate supervision into daily life, grasp it regularly, and supervise proactively and closely. Focus on responsibilities and promote implementation, urge provinces, autonomous regions and municipalities to fulfill their local responsibilities, functional departments to fulfill their regulatory responsibilities, and state-owned units to fulfill their main responsibilities, and crack down on virtual currency "mining" activities more thoroughly and resolutely. Focus on problems and correct deviations, and resolutely prevent some places from engaging in high-energy consumption such as "mining" in the name of introducing information technology and big data projects. Focus on shortcomings and promote rectification, guide relevant enterprises to transform and upgrade, take the road of green, low-carbon and high-quality development, and transform the results of supervision and implementation into practical results to promote and improve development.

From the deployment of multiple departments to crack down on Bitcoin "mining" and trading in May 2021, to the issuance of a notice by 11 departments including the National Development and Reform Commission in September 2021, which clearly prohibited the addition of new virtual currency "mining" projects and accelerated the orderly withdrawal of existing projects, to the inclusion of virtual currency "mining" activities in the eliminated industries in January this year, virtual currency "mining" has been effectively curbed under heavy supervision, but some "mining" activities have gone "underground" and are more covert, and rectification work cannot be relaxed at all. Disciplinary inspection and supervision agencies should give full play to their role in supervising and ensuring implementation and promoting sound development, urge relevant departments to continue to conduct investigations and rectification, and resolutely prevent "wearing new shoes and walking the old road" under the banner of new concepts, high technology, and digitalization, and resolutely investigate and correct behaviors that discount, make changes, and make choices in implementing the new development concept, so as to provide strong disciplinary guarantees for promoting industrial structure optimization, promoting energy conservation and emission reduction, and achieving the "dual carbon" goals.