China Probes Digital Yuan (CBDC) Architect Yao Qian

• China has launched a probe into a pro-blockchain government official.
• The official is the architect of the digital yuan.
• He currently heads a department of China’s securities watchdog.

China’s anti-graft authorities have opened an investigation into Yao Qian, a pro-blockchain government figure and a former head of the country’s central bank digital currency ( CBDC ) institute.

Currently heading a department at the China Securities Regulatory Commission, Qian previously played a pivotal role in leading the People’s Bank of China’s research to create and issue the digital yuan. He left the central bank in 2018, leaving a mark that partly influenced other countries to explore digital currencies .

Read More

Authorities Announce Investigation into Yao Qian

On April 26, state-owned news outlet Shanghai Securities News reported that three regulators had launched a probe into Yao Qian’s conduct.

The regulators included the Central Commission for Discipline Inspection, the National Supervision Commission at the China Securities Regulatory Commission, and the Guangdong Provincial Commission for Discipline Inspection and Supervision.

“Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee.” The report read.

While the regulators did not specify the accusations levied against Qian, the probe comes as China continues to crack down on corruption by state officials. Last year, China investigated 54 officials registered at and supervised by the Communist Party of China (CPC) Central Committee to safeguard its “high quality economic and social development.”

During the same year, relevant authorities also investigated 2,480 officials at department and bureau level and over 20,000 officials at county and division level.

Read why Chinese crypto fraud victims are demanding refund from the UK:
Chinese Crypto Fraud Victims Demand Return of £3B from UK

Stay updated on China’s crypto ban:
China Reiterates Crypto Ban as Fundraising Scams Surge