Corruption Charges Against Former Head of China's Digital Currency Project

Yao Qian, the former head of China's central bank digital currency (CBDC) research project, has been expelled from the Chinese Communist Party and removed from his government position due to corruption allegations. Reports state that Qian misused his authority and neglected his duties of science and technology supervision. He is accused of favoring specific technology providers for personal gain and accepting bribes in the form of cryptocurrency, property, and luxury items. The exact extent of the corruption is undisclosed, but it is described as significant. Qian's case has been forwarded for legal action after being under investigation since April 2024. He played a key role in developing China's Digital Yuan before leaving the People's Bank of China in 2018. The digital yuan has seen increased adoption, with nearly $982 billion in transactions by June 2024 and expanding usage beyond mainland China, including in Hong Kong for retail payments and cross-border transactions. Read more AI-generated news on: https://app.chaingpt.org/news