The founder of China’s central bank digital currency (CBDC) has been accused of accepting bribes using cryptocurrencies.
Yao Qian, a prominent figure in China’s financial and blockchain sectors, was instrumental in pioneering digital currency development. As the former director of the Digital Currency Research Institute at the People’s Bank of China (PBOC), Yao played a vital role in developing the Digital Yuan (e-CNY), making it one of the first central bank digital currencies (CBDCs) globally. His expertise in blockchain and digital finance positioned him as a key advocate for blockchain applications in modern economies.
According to local media reports, the Chinese government has accused Yao Qian of accepting large sums in bribes through cryptocurrencies. Following these allegations, Yao has been removed from all government roles, expelled from the Communist Party of China, and his case has been referred to the prosecution authorities for further action.
The former official who was once the most supportive of cryptocurrencies in China, as well as the founder of China's CBDC, Yao Qian, has been accused by the Chinese government of using cryptocurrencies for bribery, with particularly large amounts involved. He has been dismissed…
— Wu Blockchain (@WuBlockchain) November 20, 2024
Details of the bribery amounts and their connections to cryptocurrencies are not yet available in the public domain, making it premature to speculate further.
Some crypto enthusiasts believe the accusations could be politically motivated, asserting that the Chinese government, known for its anti-crypto stance, might have targeted Qian for his pro-crypto views.
China’s Crypto Ban
In May 2021, the People’s Bank of China and the government announced a blanket ban on cryptocurrencies. This ban included a prohibition on providing crypto-related services within China and the cessation of crypto mining operations by the end of 2021.
While many speculate that the ban aimed to promote the adoption of the Digital Yuan, the government cited environmental concerns related to crypto mining as the primary reason for the prohibition.
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