The Chinese government has launched an investigation involving Yao Qian, a senior official recognized for his fervent advocacy of blockchain technologies. Qian, who led the development of China's Central Bank Digital Currency (CBDC) and served as Director of the Central Bank's Digital Currency Research Institute, is being investigated for alleged “serious violations of discipline and law,” according to an announcement. by regulatory authorities.
Yao Qian played a crucial role in implementing China's CBDC campaign, promoting the importance of a state-owned digital currency as early as 2017 to consolidate China's monetary dominance in the global market. His strategic vision and technical leadership were essential in the introduction and advancement of the national digital currency.
China's most prominent pro-blockchain official, Yao Qian, is under investigation by the Chinese government for suspected violations of law. The specific reasons are unknown. He was the creator of China's CBDC and served as the director of the central bank's digital currency…
- Wu Blockchain (@WuBlockchain) April 26, 2024
Prior to his current position, Qian held significant positions such as Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission. These roles underscored his commitment to financial and technological innovation at the government level.
The investigation is being conducted by the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection together with the National Supervision Commission and the Guangdong Provincial Commission for Discipline Inspection and Supervision. Despite the seriousness of the allegations, the specific details or motivations behind this action have not yet been clearly released by authorities.
This news comes in a context in which China has maintained a very restrictive stance towards cryptocurrencies, culminating in a complete ban on related activities in 2021. This decision has had a profound impact on the crypto industry, leading to the relocation of many mining companies and cryptocurrencies to other regions of the world, reflecting the changing geography of global crypto operations.
