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The former chairman of China’s significant digital yuan initiative, Yao Qian, is currently facing an investigation for both disciplinary and legal violations, according to state-owned Shanghai Securities News. A prominent figure in China’s financial scene, Qian was known for leading the research and development efforts behind the central bank digital currency (CBDC) project at the People’s Bank of China (PBOC). His leadership in this initiative played a crucial role in catalyzing global interest in CBDC research among major jurisdictions.
Under Investigation for Alleged Serious Violations
Qian’s tenure at the PBOC ended in 2018, after which he was appointed to the China Securities Regulatory Commission (CSRC). However, recent developments indicate a significant turn in Qian’s situation, and he is now being investigated by the Central Committee of China for alleged serious violations.
According to Shanghai Securities News, Qian currently serves as the Director of the Science and Technology Supervision Department and the Information Center Director at the CSRC. Although the nature of the alleged violations has not been disclosed, disciplinary review processes by the State Discipline Inspection Commission’s Discipline Inspection and Supervision Team at the CSRC are ongoing.
Additionally, the Audit Committee of Shanwei City in Guangdong Province is also conducting audit and investigation activities for Qian.
Could the Future of the Digital Chinese Yuan Project Be at Risk?
The investigation into Qian’s actions, considering his significant role in China’s digital currency initiatives, marks a critical moment. As the architect of the Digital Chinese yuan project, Qian’s contributions have shaped China’s approach to digital currency innovation and its impact on the global financial environment.
The news of Qian being investigated has increased concerns about the future direction of China’s digital currency initiatives, especially regarding the continuation of his leadership and the potential effects on ongoing projects and policies. Moreover, the investigation underscores the importance of compliance and integrity within China’s financial regulatory framework and the government’s commitment to maintaining discipline and accountability at all levels of officials.
