Using virtual currency for interest transmission and attempting to evade supervision is a new problem encountered in recent anti-corruption practices; the official has disclosed a case.
According to news from the Discipline Inspection and Supervision Group stationed at the China Securities Regulatory Commission and the Guangdong Provincial Discipline Inspection Commission on November 20, Yao Qian, former director of the Technology Supervision Department and former director of the Information Center of the China Securities Regulatory Commission, has been expelled from the party and public office.
The notice clearly states that Yao Qian used virtual currency for power-money transactions.
Yao Qian was born in 1970, from Anhui, graduated from the Information Management Department and Computer Department of Nanjing University, with a doctorate in engineering. He worked early on at the China Securities Regulatory Commission, China Securities Depository and Clearing Corporation Limited (referred to as China Clearing), and the People's Bank of China, holding positions such as deputy director of the technology department of the central bank, director of the digital currency research institute, and inspector of the technology department.
In 2018, Yao Qian served as the deputy secretary of the party committee and general manager of China Clearing. In December 2019, he returned to the CSRC and held positions such as director of the Technology Supervision Bureau, director of the Technology Supervision Department, and director of the Information Center.
In April of this year, the Eighth Central Inspection Team entered the China Securities Regulatory Commission to conduct inspection work for about three months. In the same month, Yao Qian was officially announced to be under investigation.
Looking back on Yao Qian's career, he has worked in the two major financial regulatory departments of the central bank and the securities regulatory commission, and has been closely related to financial technology. He has always regarded himself as 'technologically knowledgeable' and has frequently expressed opinions on topics such as blockchain, virtual currency, and cryptocurrency in recent years, and has published multiple monographs. In retrospect, these have all become footnotes to his downfall.
The released 'double opening' notice indicates that Yao Qian abandoned his original mission, did not speak politics, craved false fame, posed as a financial technology expert, and spared no effort to support specific technology service providers for personal gain, willingly becoming the 'key training object' of the hunters.
Abusing regulatory powers such as policy recommendation rights, formulation rights, and execution rights, abandoning technology supervision responsibilities, seeking improper benefits for others in the expansion of business, software and hardware procurement in information technology system service organizations, and using virtual currency for power-money transactions.
Engaging in superstitious activities;
Ignoring the spirit of the eight central regulations, illegally accepting valuable items such as Moutai liquor and accepting banquets;
Violating organizational principles to seek benefits for others in employee recruitment;
Violating integrity discipline by having regulatory subjects pay for car rental and other expenses that should be paid personally, borrowing large sums of money from regulatory subjects illegally, and investing in companies in violation of regulations.
Illegally accepting property, with particularly huge amounts.
Yao Qian seriously violated the party's political discipline, the spirit of the eight central regulations, organizational discipline, and integrity discipline, constituting serious job-related violations and suspected bribery crimes, and still did not restrain or stop after the 18th, 19th, and even 20th National Congress of the Party. The nature is serious, the impact is恶劣, and should be seriously dealt with.
In accordance with the (Disciplinary Regulations of the Communist Party of China), (Supervision Law of the People's Republic of China), (Administrative Punishment Law for Public Officials of the People's Republic of China), and other relevant regulations, 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 Group stationed at the China Securities Regulatory Commission of the Central Commission for Discipline Inspection and National Supervisory Commission, it was decided to expel Yao Qian from public office; confiscate his illegal income; after research by the Shantou Municipal Supervisory Commission of Guangdong Province, it was decided to transfer Yao Qian's suspected criminal issues to the prosecutorial organs for legal review and prosecution, along with the related property.
Yao Qian's leader during his time at the central bank, Fan Yifei, who once served as the deputy governor of the central bank, also believed he understood finance and had the ability. His case contains a large amount of hidden, mutated, and new types of corruption, using various rules of the financial market as cover and pretext to carry out power-money transactions.
However, their 'technical handling' cannot escape the 'eyes of the law' of the auditing and disciplinary inspection agencies. The net of heaven is vast and does not let anything slip through; all the schemes ultimately just bind themselves.
