Digital yuan curator ousted for corruption
Official who involved in digital yuan launch prepares for trial
Official who involved in digital yuan launch prepares for trial
Yao Qian, Director of the Department of Science and Technology Supervision at the China Securities Regulatory Commission (CSRC) and a key figure in the implementation of the digital yuan, has been removed from his position and expelled from the Communist Party of China after a prolonged investigation.
His case has been referred to the prosecution for review of corruption charges and potential criminal prosecution under the law.
According to Chinese sources, Yao Qian used his official position to obtain illicit benefits. He allegedly facilitated the expansion of certain companies by promoting the sale of software and equipment for institutions managing information systems and technology.
Yao also reportedly leveraged the digital yuan for personal gain, borrowing large sums for investments and accepting bribes in the form of expensive items, premium alcohol, and lavish banquets.
Political nature of misconduct
The investigation into Yao was approved by several oversight bodies, including internal authorities at the CSRC.
Investigators concluded that Yao’s actions were serious and negatively impacted the political perception of the digital yuan. The severity of his punishment will depend on the amount of illicit gains he received and his conduct during the investigation.
The People’s Bank of China initiated the digital yuan rollout in 2014, and since then, it has been widely adopted across various sectors, including public services, healthcare, and retail.As of July 31, 2024, the CBDC had reached 180 million individual wallets, and as reported by local media on October 11, pilot regions had facilitated transactions worth over 7.3 trillion yuan (more than $1 trillion USD).
As we wrote, the Ministry of Finance of Pakistan has submitted amendments to the State Bank Act for government review. If approved, these amendments would pave the way for Pakistan to create its own central bank digital currency (CBDC) and legalize existing cryptocurrencies.
