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The former head of China’s digital yuan initiative is reportedly under investigation for “serious violations of discipline and law.”
Yao Qian, the former lead developer of <a href="https://crypto.news/tag/china/" target="_blank" rel="noopener noreferrer nofollow">China</a>‘s central bank digital currency (<a href="https://crypto.news/tag/cbdc/" target="_blank" rel="noopener noreferrer nofollow">CBDC</a>) initiative, is said to be under investigation for violations of discipline and law.
According to a <a href="https://news.cctv.com/2024/04/26/ARTI8h6DrTUe9eP0emi89b8q240426.shtml?76s7agcrypto7yhasnews87tsd" target="_blank" rel="noopener noreferrer nofollow">report</a> from China’s national television CCTV, Qian is undergoing disciplinary review by the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the China Securities Regulatory Commission. He’s also facing an investigation initiated by the Supervisory Committee of Shanwei City. However, specific details regarding the allegations against Qian remain undisclosed as of press time.
Yao Qian played a pivotal role in spearheading the research lab for the central bank’s digital currency initiative since its inception until his departure from the People’s Bank of China in 2018. He later transitioned to the China Securities Regulatory Commission in late 2019.
You might also like: <a href="https://crypto.news/china-nears-end-of-its-multi-year-cbdc-pilot-ex-pboc-governor-says/" rel="noopener noreferrer nofollow"> China nears end of its multi-year CBDC pilot, ex-PBoC governor says </a>
Former People’s Bank of China Governor Zhou Xiaochuan, who led the institution for 16 years until 2018, earlier <a href="https://crypto.news/china-nears-end-of-its-multi-year-cbdc-pilot-ex-pboc-governor-says/" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> China’s progress in its digital yuan pilot project. Speaking at a conference last November in Hong Kong, Xiaochuan indicated that the nation is nearing the conclusion of its multi-year digital yuan pilot, suggesting that the “final stage is not very far away.”
He underscored China’s significant advancements in digitizing approximately 90% of retail payments and emphasized the substantial business opportunities in cross-border payments, urging central bankers to explore this avenue further.
Read more: <a href="https://crypto.news/u-s-policymakers-introduce-bill-targeting-chinas-digital-yuan/" rel="noopener noreferrer nofollow"> US policymakers introduce bill targeting China’s digital yuan </a>

Ex-head of China’s CBDC reportedly under investigation

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