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Yao Qian, the driving force behind China’s central bank digital currency (CBDC) program, is under criticism following rumors of an inquiry into purported “violations of discipline and law.” The disclosure, which was made public by the state-run news organization Shanghai Securities News, has caused a stir in the financial community.
Qian spearheaded the groundbreaking research conducted by the People’s Bank of China (PBOC) aimed at conceptualizing and implementing a digital yuan. His efforts not only laid the groundwork for China’s foray into CBDCs but also served as a catalyst for similar endeavors worldwide. Since departing from the central bank in 2018, Qian has been involved with the China Securities Regulatory Commission.
The report, citing official sources, disclosed that Yao Qian, currently serving as Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, faces allegations of “serious violations of discipline and law.” The investigation, led by the Central Committee, underscores the gravity of the situation.
“Details surrounding the accusations against Qian remain undisclosed as the disciplinary review unfolds under the scrutiny of the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection at the China Securities Regulatory Commission. Concurrently, the Supervisory Committee of Shanwei City, Guangdong Province, is conducting its own investigation,” the report elucidated.
The nature of the purported infractions remains shrouded in mystery, leaving observers speculating about the potential ramifications for Qian and the broader implications for China’s digital currency ambitions.