Former Beijing Financial Bureau Deputy Director, Hao Gang, has been sentenced to eleven years in prison for bribery and money laundering involving Bitcoin, marking a significant move in China's fight against cryptocurrency-related financial crimes.

The court's verdict on Thursday concluded a two-year investigation into Gang's illicit activities, revealing that he accepted millions of yuan in bribes to aid Bitcoin mining companies navigating regulatory hurdles. Furthermore, reports suggest that he facilitated the evasion of travel restrictions for a senior executive in exchange for illegal payments.

Initially facing separate sentences for bribery and money laundering, Gang ultimately received a consolidated 11-year prison term along with a fine of RMB 1.3 million. Confiscation of his ill-gotten gains directed towards the state treasury was also ordered.

Hao Gang's influential role in the Beijing financial landscape underscores the stern stance China is taking against financial misconduct connected to cryptocurrencies. The crackdown on corruption within this sector is portrayed as an ongoing effort through this ruling.

This case follows a previous high-profile conviction where a government official received a life sentence for selling classified information to a foreign intelligence agency due to financial turmoil caused by failed crypto investments.

Chinese authorities have consistently implemented stricter measures to combat illegal cryptocurrency activities, in line with the government's caution against speculative ventures in digital assets.

While China grapples with regulating cryptocurrencies, recent court decisions have showcased conflicting opinions, with one terming crypto trading as gambling and another recognizing digital assets as legitimate property. This inconsistency reflects the government's challenge in balancing economic stability with the evolving digital landscape.