According to local media reports, Yao Qian, the former head of China’s Digital Yuan project, is currently under investigation by the Chinese government for “violations of discipline and law.” This news comes as a shock as Yao was a leading figure in the central bank’s efforts to create a central bank digital currency (CBDC), which has inspired similar projects in other countries.
Yao, a prominent blockchain expert, left the People’s Bank of China in 2018 to join the Securities Regulatory Commission. However, on Friday, state-run news agency Shanghai Securities News reported that he is now being investigated by the Central Committee for suspected “serious violations of discipline and law.” No further details were provided about the investigation.
This probe against Yao comes just a few weeks after he published an opinion piece in a local financial news outlet, titled “Warnings Mount Over Novel Bitcoin ETFs That Have Taken the US by Storm.” The article, which was published on Chinese financial media outlet Caixin, raised concerns about the rise of new Bitcoin ETFs in the US.
Yao is also known for his book covering various cryptocurrency topics, including DAOs, DeFi, NFTs, and X-to-earn. However, it is unclear if these topics have any connection to the ongoing investigation.
In light of this news, it is uncertain how the Digital Yuan project will be affected. The digital currency has been in development for several years and is currently being tested in various cities in China. This investigation may lead to delays or changes in the project’s direction.
The news of Yao’s investigation also raises questions about the Chinese government’s stance on cryptocurrency and blockchain technology. China has been cracking down on crypto-related activities, and this probe against a prominent blockchain expert further highlights the government’s scrutiny of the industry.
Overall, this development is significant for the cryptocurrency community and could have implications for the future of the Digital Yuan project. We will continue to monitor the situation and provide updates as they become available.
