The Chinese government is investigating its most pro-blockchain official for suspected law violations.
Qian was the creator of China’s Central Bank Digital Currency (CBDC).
China is renowned for its strict laws regarding cryptocurrency-related issues.
According to reports, the Chinese government is investigating its most pro-blockchain official, Yao Qian, for suspected law violations. Although the specific reasons behind the investigation are yet to be known, Qian was the creator of China’s Central Bank Digital Currency (CBDC). He also served as the Director of the Central Bank’s digital currency research institute.
China’s most prominent pro-blockchain official, Yao Qian, is under investigation by the Chinese government for suspected violations of law. The specific reasons are unknown. He was the creator of China’s CBDC and served as the director of the central bank’s digital currency…
— Wu Blockchain (@WuBlockchain) April 26, 2024
Qian was at the forefront of China’s CBDC campaign, significantly impacting its actualization. In 2017, Qian advocated for issuing a state-owned digital currency, noting its importance in guaranteeing the market position of China’s local currency.
The renowned CBDC advocate held several posts in the Chinese government, including Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission.
Meanwhile, Qian’s allegation comes from the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervision Commission at the China Securities Regulatory Commission. Also involved in the investigation is the Guangdong Provincial Commission for Discipline Inspection and Supervision.
As earlier stated in this post, Qian’s accusers have not provided a clear indictment nor stated the actual reason for his investigation. They only noted that the top government official is investigated for “serious violations of discipline and law and is currently under investigation by the Central Committee.”
China is renowned for its strict laws regarding cryptocurrency-related issues. The outright ban on crypto activities in 2021 led to an exodus of several crypto firms and cryptocurrency miners that operated in the region. It marked a significant era in the crypto industry’s evolution as the geographical concentration of crypto activities shifted from China to other parts of the world.
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