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Yao Qian was expelled from China’s Communist Party after allegations of corruption. He has also been removed from his position in the government.
Qian, according to local reports by state-owned media, is accused of a variety of crimes including abuse. “the right to recommend, formulate, and execute policies” The following are some examples of how to get started: “abandoned the responsibilities of science and technology supervision” After a review of disciplinary action.
He is charged with a number of crimes, including “sparing no effort to support specific technology service providers for personal gain,” Although details of these conflicts are not discussed.
According to the report, he received cryptocurrency, dinners, liquor and premium, as well as property. He also allegedly borrowed money illegally while he was in his position.
In the report it was not stated what the exact amount of bribes or transactions were. “very huge.”
Yao Qian's case has been referred to local authorities for prosecution. Local reports state that the executive has been under investigation for a year.
Who is Yao Qian?
Qian became the first head of the Digital Currency Research Institute at the People's Bank of China (PBOC) in 2017, where he worked on developing the Digital Yuan. Qian has served at the China Securities Regulatory Commission ever since he left China’s Central Bank.
Qian has been very vocal in the past about his opinions on CBDCs. He suggested that one day they would run on Ethereum (ETH), and include smart contract functionality, at the International Financial Forum in Beijing 2021.
China’s digital currency yuan
China’s Digital Yuan CBDC, which began limited testing in 2019 and has since attracted more real use cases, is the source of this news.
Lu Lei told the media in September, that by June 2024, China’s digital currency would have been used to make transactions worth $982 billion.
Now, the digital yuan which is being gradually rolled out is also used in other jurisdictions than mainland China.
Hong Kong allows CBDC payments to be made at city retailers using a mobile wallet. Reuters.
CBDC also began accepting public payments for cross-border transactions.
It was reported in November 2023 that for the first ever, the digital Yuan was used as a settlement currency to settle an international crude oil trade. This was involving Petro China.
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