Architect of China’s CBDC Project Faces Probe for Alleged “Violations of Discipline and Law”
Yao Qian, the influential figure behind China’s central bank digital currency (CBDC) project, is currently under investigation for suspected “violations of discipline and law.”
Qian played a pivotal role in leading the research effort at the People’s Bank of China (PBOC) to develop and issue a digital yuan, according to a report by state-owned news outlet Shanghai Securities News .
However, he left the central bank in 2018 and has since been working at the China Securities Regulatory Commission.
“Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee.”
Further details regarding the specific allegations against Qian were not disclosed.
Qian’s involvement in the CBDC project was influential not just within China but also globally.
The development of China’s digital yuan project served as a catalyst for other major jurisdictions worldwide to explore the concept of central bank-issued digital currencies.
The investigation into Qian’s alleged wrongdoing comes at a time when China is making significant strides in the implementation and testing of its digital yuan, also known as the Digital Currency Electronic Payment (DCEP) system.
The report mentioned that disciplinary review and supervision of the investigation are being conducted by the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection at the China Securities Regulatory Commission, as well as the Supervisory Committee of Shanwei City, Guangdong Province.
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