A former deputy director of the Beijing Financial Bureau, Hao Gang, has been sentenced to 11 years in prison for bribery and Bitcoin-related money laundering. The sentencing demonstrates China's ongoing crackdown on financial misconduct involving cryptocurrency. Gang was found guilty of accepting bribes to assist Bitcoin mining companies facing regulatory challenges and of helping a senior executive evade travel restrictions in exchange for illicit payments. The court initially handed separate sentences for bribery and money laundering but later merged them into an 11-year prison term. Gang was also fined RMB 1.3 million ($164,662), and his illegally obtained earnings were confiscated. This case is part of China's broader efforts to combat corruption and regulate cryptocurrency-related activities. However, China's approach to cryptocurrency regulation has been inconsistent, reflecting the government's challenge in maintaining financial stability while adapting to the digital economy.



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