According to reports, Xiao Yi had been "helping" crypto mining in exchange for bribery and sex and had attended orgiastic parties given by individuals, mining pools, or corporations - most likely in exchange for allowing them to continue their operations.

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Traditionally, many ostensibly "Big Data"-related companies have done crypto mining-related operations under the pretense of Industry 4.0-related research, frequently with the help of willing (and corrupt) officials. However, Beijing has been attempting to eradicate this since September's crackdown.

Brian Brooks said the US is 'unquestionably' behind the curve on crypto ETFs

Instead of forming a completely new agency to develop a uniform framework for digital assets, Brian Brooks proposes that regulators approach crypto as they do traditional financial institutions.

According to Bitfury CEO and former Interim Comptroller of the Currency Brian Brooks, the regulatory climate in the United States might force many crypto enterprises outside the nation and has already hindered companies aiming to provide a range of financial products.

Congressman Ted Budd, speaking at a House Committee on Financial Services hearing on Digital Assets and the Future of Finance on Wednesday, expressed concern that the current regulatory enforcement policy in the United States could "force the next generation of financial tech to be formed outside of our country."

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Brooks, speaking on behalf of Bitfury, said:

"There are some products that are lawful in other nations but not here,"

Brooks explained. "One of the things that makes cryptocurrency hazardous is that customers may not comprehend the difference between a token and another, so they may want to diversify [...] we don't permit it in the US – we do in Canada, Germany, Singapore, Portugal, and a few other countries." He continued, "

"If you're a [exchange-traded fund] developer, there's no gray area; it's quite clear: You can't do it here, therefore you have to go elsewhere."

Experts think that a common African cryptocurrency can bolster trade and sustain growth after the Coronavirus pandemic

Several African economists believe the region requires a common virtual currency and an integrated capital market to stimulate trade and sustain growth.

Experts on the African economy suggest that single crypto and an integrated capital market are required to increase commerce and maintain growth in the region following the Covid-19 crisis.

These experts stated their ideas during a conversation on revamping the continent's financial system, as per a news release from the African Development Bank Group (ADBG).

Anouar Hassoune, a professor of finance and the West Africa Rating Agency CEO, is one of the professionals listed in the statement who believes that a common cryptocurrency can diminish the cost of conducting business.

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He elaborated:

"We ought to come up with a virtual currency that each member country will recognise. It is preferable to do it at the continental level, and we have the necessary competence. It's a governance issue, not a technological one."

Hassoune also stated that the continent might use this cryptocurrency to commercialize some of Africa's natural resources, such as gold and other assets.

Emmanuelle Riedel Drouin, head of the Agence Française de Développement's Economic and Financial Transition Department, is also quoted in the announcement.

Although the expert supports the concept, she stressed that certain conditions must be met before the continent can create a widely used cryptocurrency.