Former Director of the Science and Technology Regulatory Department of the China Securities Regulatory Commission and former Director of the Information Center, Yao Qian, was once hailed as one of the pioneers of China's central bank digital currency and was known as the government official in China who "understands blockchain the most." However, he was expelled from the party and public office today due to serious disciplinary violations. He is accused of using regulatory power to benefit specific technology service providers, involving virtual currency and other illicit transactions, and illegally accepting huge amounts of property. (Background: Xiao Feng: Trump's support for Crypto might allow China to regain its digital asset market) (Background: Chinese state media: The US attempts to embrace Bitcoin signify the decline of the dollar era) The website of the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission announced today that Yao Qian abandoned his original mission, disregarded politics, sought superficial fame, posed as a financial technology expert, and spared no effort to support specific technology service providers for personal gain, willingly becoming a key cultivation target for hunters. The announcement pointed out that Yao Qian abused his regulatory powers, such as policy advisory rights, formulation rights, and execution rights, neglected his responsibilities in technology regulation, and sought improper benefits for others in business development, hardware and software procurement, etc., using virtual currencies for illicit transactions and engaging in superstitious activities. Yao Qian also ignored the spirit of the central eight regulations, illegally accepted valuable items such as Moutai liquor and accepted banquets; violated organizational principles by seeking benefits for others in employee recruitment; violated integrity discipline by having regulatory subjects pay for costs such as rental cars that should be paid by individuals, illegally borrowed large sums from regulatory subjects, and illegally invested in companies. He illegally accepted property amounting to a particularly large sum. After research by the Party Committee of the China Securities Regulatory Commission, it was decided to expel Yao Qian from the party; after research by the discipline inspection and supervision team stationed at the China Securities Regulatory Commission of the Central Commission for Discipline Inspection and the National Supervisory Commission, it was decided to expel Yao Qian from public office; confiscate his illegally obtained income; and after research by the Shantou Municipal Supervisory Commission in Guangdong Province, it was decided to transfer Yao Qian's alleged criminal issues to the prosecutorial authority for legal review and prosecution, along with the involved property. Notably, Yao Qian was once praised as China's most knowledgeable blockchain official. The People's Bank of China began to establish a digital currency research institute in 2016, with Yao Qian serving as the head of the preparatory group and officially becoming the first director in 2017. Coindesk listed the top ten figures in the blockchain industry in 2017, with Yao Qian, then Director of the Digital Currency Research Institute of the People's Bank of China, ranking sixth. Coindesk described him at that time as holding the key to developing Bitcoin and other digital currencies in China. In April of this year, Yao Qian wrote an article for Caixin discussing the US approval of Bitcoin spot ETFs, stating that the market expects Bitcoin prices to rise further. He outlined the opinions of Bitcoin supporters and opponents, and introduced US regulatory measures for cryptocurrencies, including strengthening market manipulation regulation, enhancing anti-money laundering regulation, and increasing exchange regulation.