The former leader of China’s digital yuan project is reportedly being investigated for “serious violations of discipline and law.”
Yao Qian, who previously led the development of China’s central bank digital currency (CBDC) project, is said to be under investigation for breaking rules and laws.
According to a report from China’s national television CCTV, Qian is currently facing scrutiny by the Central Commission for Discipline Inspection and the National Supervisory Commission based at the China Securities Regulatory Commission. Additionally, he is the subject of an investigation launched by the Supervisory Committee of Shanwei City. However, specific details about the accusations against Qian have not been disclosed as of now.
Yao Qian played a crucial role in establishing the research lab for the central bank’s digital currency project from its inception until he left the People’s Bank of China in 2018. He later moved to the China Securities Regulatory Commission in late 2019.
In related news, former People’s Bank of China Governor Zhou Xiaochuan, who headed the institution for 16 years until 2018, recently praised China’s progress in its digital yuan pilot program. Speaking at a conference in Hong Kong last November, Xiaochuan suggested that China is nearing the end of its multi-year digital yuan pilot, indicating that the “final stage is approaching.”
Xiaochuan highlighted China’s significant strides in digitizing around 90% of retail payments and stressed the vast business opportunities in cross-border payments. He encouraged central bankers to further explore this area.
For more information, US policymakers have introduced a bill targeting China’s digital yuan.