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Former Head of China’s Digital Yuan Effort Faces Government Investigation: Report

Chinese Funds, Bitcoin, China, Etf

China’s digital yuan initiative is reportedly being scrutinized over legal differences alleged by its former leader. Yao Qian, the architect of the Bank of China‘s digital currency (CBDC) project, is reportedly being examined for alleged “disciplinary and law violations,” state-owned Shanghai Securities News reported.

Qian led a research effort by the People’s Bank of China (PBOC), a digital yuan creation and issuance effort that equally triggered the project that started other major jurisdictions around the world exploring CBDCs. He left the central bank in 2018 and has been serving at the China Securities Regulatory Commission since then.

“Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is under suspicion of serious disciplinary and law violations and is currently being investigated by the Central Committee,” the reports explain.

“In addition, the disciplinary review and supervision and investigation by the State Disciplinary Investigation and Supervision Team at the China Securities Regulatory Commission are supervised by the Shanwei City Supervision Committee of Guangdong Province.”

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