Yao Qian, the former head of China’s pioneering digital yuan initiative, is now under investigation for alleged legal infractions, according to reports. Qian, who played a pivotal role in developing China’s central bank digital currency (CBDC) project, is currently serving as an official at the China Securities Regulatory Commission.
His tenure at the People’s Bank of China (PBOC) spearheaded research efforts that led to the creation and proposed issuance of a digital yuan, a significant development that influenced other global jurisdictions to explore CBDCs.
The investigation into Yao Qian’s activities centers on suspected violations of both discipline and law, as per state-owned news outlet Shanghai Securities News. Following his departure from the central bank in 2018, Qian transitioned to a role within the China Securities Regulatory Commission, where he serves as Director of the Science and Technology Supervision Department and Director of the Information Center.
Yao Qian (Credits: Finance Feed)
The report indicates that Qian’s alleged infractions are being probed by the Central Committee, with disciplinary reviews undertaken by the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection at the China Securities Regulatory Commission, alongside supervisory and investigative measures by the Supervisory Committee of Shanwei City, Guangdong Province.
While the specifics of the accusations against Yao Qian remain undisclosed, the investigation underscores the potential ramifications for prominent figures in China’s financial and technological sectors. Qian’s pivotal role in the development of the digital yuan project highlights the strategic importance of China’s efforts in advancing its digital currency ambitions.
The scrutiny surrounding his actions could reflect broader concerns within Chinese regulatory circles regarding adherence to legal and ethical standards, particularly in sensitive areas such as financial innovation and technology development. The outcome of the investigation may also impact the trajectory of China’s digital currency initiatives and regulatory frameworks moving forward.
