Yao Qian, a key figure in China’s blockchain sector and the former head of the central bank's digital currency research institute, has been expelled from the Chinese Communist Party and stripped of his public office. The charges involve alleged corruption related to cryptocurrencies.

Accusations of Law and Discipline Violations

According to China’s anti-corruption authorities, Yao “severely violated discipline and laws.” They accused him of falsely presenting himself as a financial technology expert and “actively promoting specific technology service providers” for personal gain.

He has also been accused of abusing his regulatory power and engaging in financial transactions involving cryptocurrencies for personal profit. Authorities claim Yao illegally accepted an “extraordinarily large amount” of funds and assets, though the exact amount has not been disclosed.

Next Steps: Criminal Investigation

Yao’s alleged crimes have been referred to the state prosecution for further investigation and potential criminal charges. Authorities are conducting a thorough review of his actions during his tenure in prominent roles within the central bank and regulatory agencies.

Yao Qian’s Career and Activities

Yao Qian began his career as head of the technology regulation division at the China Securities Regulatory Commission. In 2017, he was appointed the inaugural head of the central bank’s digital currency research institute. He transitioned to the national securities regulator in 2018.

Beyond his regulatory roles, Yao was an active advocate for blockchain technologies. In 2022, he published a book covering topics such as DAOs, DeFi, NFTs, and Web 3.0. In the book’s preface, he emphasized the importance of Web 3.0 innovations as a key direction valued by China.

Impact on China’s Crypto Community

This case arises amid China’s ongoing strict oversight of cryptocurrencies and related technologies. The action against Yao highlights that Chinese authorities remain vigilant in scrutinizing the regulatory and technological sectors, particularly in blockchain and digital currency advancements.

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