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April

Despite the cryptocurrency ban in the world’s most populated country, China, a recent report disclosed that the most prominent pro-blockchain official in China is under investigation. According to local media reports on April 26, 2024, Yao Qian, the pro-blockchain official and the creator of China’s CBDC (Central Bank Digital Currency), is under investigation by a Chinese government official. Why CBDC creator is under investigation? 
However, thelocal media highlighted that Yao is under investigation for violating certain laws and disciplines, but the exact reason is still unknown. Besides being a creator of China’s CBDC, Yao also served at the central bank’s digital currency research institute. Without a specific reason, it looks like China is once again taking a strong stand against crypto and its related industry. Yao is sometimes referred to as “China’s Crypto Dad” due to his strong participation in blockchain and CBDC. 
Besides this investigation, recently on April 8, 2024, Yao published an article discussing the approval of a spot Bitcoin ETF and also highlighted market expectations. According to the article, Yao expects the Bitcoin price to continue rising, while also discussing the opinions of supporters and opponents of Bitcoin and introducing regulatory measures for cryptocurrencies in the United States. However, this article by Yao does not signal any violation of law or discipline. Crypto market overview&nbsp; 
Despite this incident, the overall cryptocurrency market is struggling to gain momentum, with top cryptocurrencies like Bitcoin, Ethereum, Solana, Ripple, and others experiencing strong struggles. If we look at the performance of these cryptocurrencies, BTC, ETH, SOL, and XRP have experienced more than a 1% downside momentum.
Recently, Hong Kong’s Securities and Futures Commission approved the first batch of spot Bitcoin and Ethereum ETFs. However, due to China’s strict rules, mainland Chinese investors won’t be able to buy these launched ETFs. Additionally, according to a report by <a href="https://news.todayq.com/may-the-bull-run-be-with-bitcoin-etf-fever-hits-hong-kong/" rel="noopener noreferrer nofollow">Todayq news</a> in April 2024, these ETFs will begin trading from April 30, 2024. It is also expected that May 2024 will be a big month for price fluctuations and price rallies for both Bitcoin and Ethereum.

Creator of China’s CBDC under investigation: Report

Todayq News

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