Ex-Head of China’s Digital Yuan Project Facing Probed
- Yao Qian is reportedly under investigation by Chinese authorities for legal violations.
- Qian led research efforts to develop and issue a digital Yuan.
- The outcome of Qian’s investigation remains uncertain.
Shanghai Securities News reported on Friday that Yao Qian, the brain behind China’s Central Bank digital currency (CBDC) project, is reportedly under investigation by the Chinese authorities for an alleged “discipline and law” breach.
Per the statement, “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.”
Further details revealed that the disciplinary review is conducted by the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection within the China Securities Regulatory Commission. Moreover, the Supervisory Committee of Shanwei City in Guangdong Province oversees the investigation.
Qian, a prominent figure in the blockchain space, led research efforts at the People’s Bank of China (PBO…
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