Ex-Head of China’s Digital Yuan Effort Facing Government Probe: Report

As an analyst with a background in Chinese politics and finance, I find this development concerning. The investigation into Yao Qian, the former leader of China’s digital yuan effort, raises questions about the future of China’s CBDC project and the broader implications for China’s financial sector.

According to a report from Shanghai Securities News on Friday, Yao Qian, the architect of China’s central bank digital currency (CBDC) project, is currently under investigation for alleged breaches of both discipline and law.

Qian spearheaded the People’s Bank of China (PBOC) initiative to develop and release a digital yuan, spurring other significant economies globally to investigate Central Bank Digital Currencies (CBDCs) as a result. After departing from the central bank in 2018, he has since been working at the China Securities Regulatory Commission.

According to the report, Yao Qian, who holds the positions of Director of the Science and Technology Supervision Department and Director of the Information Center at the China Securities Regulatory Commission, is presently being probed by the Central Committee for allegedly breaching major disciplinary rules and laws.

“Disciplinary review by the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection at the China Securities Regulatory Commission and supervision and investigation by the Supervisory Committee of Shanwei City, Guangdong Province.”

Details of the allegations against Qian were not given.