Bank

Bitcoin ETF

Bitcoin

Yao Qian, a prominent ‘pro-blockchain official’ in China, is under <a href="https://x.com/WuBlockchain/status/1783765731710230693" target="_blank" rel="noopener nofollow">investigation</a> by Chinese authorities for undisclosed “violations of law.” 
<h2 id="the-background-of-blockchain-advocacy-and-the-current-crackdown">The Background Of Blockchain Advocacy And The Current Crackdown</h2> 
Qian, known for his pivotal role in developing China’s Central Bank Digital Currency (CBDC), has been a leading voice in the country’s blockchain initiative. 
Qian’s efforts were instrumental in the conceptualization and rollout of the digital yuan, positioning China at the forefront of <a href="https://bitcoinist.com/hong-kong-etfs-issuer-mainland-china-in-crypto/" target="_blank" rel="noopener ">digital currency technology</a> on a global stage. 
The investigation, led by the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervision Commission at the China Securities Regulatory Commission, has stirred concerns within the <a href="https://bitcoinist.com/bitcoin-etf-frenzy-reaches-china-as-top-funds-apply/" target="_blank" rel="noopener ">blockchain community</a>. 
Yao Qian’s contributions to the Chinese financial technology landscape have been noteworthy, serving in various high-profile government roles, including Director of the Science and Technology Supervision Department and the Information Center of the China Securities Regulatory Commission. 
Yao Qian has also been a ‘staunch’ advocate for blockchain and digital currencies, arguing for issuing a state-owned digital currency as early as 2017 to enhance the market position of China’s local currency. 
Wu Blockchain said, “He was the creator of China’s CBDC and served as the director of the central bank’s digital currency research institute.” However, Qian is now scrutinized by the same government, which is pushing for technological advancements. 
The specifics of the allegations against Qian remain “vague,” with authorities citing “serious violations of discipline and law” without providing further details. The report particularly noted: 
<blockquote>
 Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee.
</blockquote> 
<h2 id="broader-implications-for-blockchain-and-crypto-in-china">Broader Implications For Blockchain And Crypto In China</h2> 
Despite the ongoing investigation into one of its key proponents, the blockchain sector in China continues to <a href="https://bitcoinist.com/china-leverages-blockchain-technology/" target="_blank" rel="noopener ">see interest and development</a>, particularly in areas not directly related to cryptocurrencies. 
For instance, at a recent annual gathering of China’s political and industry leaders in Beijing, <a href="https://bitcoinist.com/blockchain-revolution-china-npc-pushes-development/" target="_blank" rel="noopener ">proposals were made to accelerate the development of blockchain technology</a> to enhance government services, supply chains, and trade. 
These developments indicate that while the country may be skeptical about cryptocurrencies, it recognizes the broader applications of blockchain technology. 
Furthermore, China’s financial giants, like Harvest Fund and Southern Fund, are<a href="https://bitcoinist.com/bitcoin-etf-frenzy-reaches-china-as-top-funds-apply/" target="_blank" rel="noopener "> venturing into the international cryptocurrency space</a> with applications to launch a new spot Bitcoin ETF through their Hong Kong subsidiaries. 
This move is indicative of a nuanced approach to blockchain and digital assets, suggesting a potential softening of stance or at least an acknowledgment of the financial opportunities these technologies present on a global scale. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/I4rC44gk/" alt="The global digital currency market cap value on TradingView amid Blockchain news" width="2770" height="1496"> 
Featured image from Unsplash, Chart from TradingView

Crisis In Crypto: China’s Leading Blockchain Advocate Faces Investigation

Table of Contents

Bitcoinist

Other articles published on Apr 26, 2024

Bitbot Presale Passes $2.7m As New Product Peek Released

Pantera Capital Aims To Launch $1B Blockchain Fund Amid Sector Recovery

Binance Chain sees revenue jump 70%: Will it push BNB higher?

Crypto Gem-Spotter Who Bought Solana at $9 During Bear Market Now Accumulating Small Cap Token Pr...

Yuga Labs CEO announces layoffs, focusing on ‘getting back to roots’

Bitcoin Price Turns Red And At Risk of More Downsides Below $63K

Join our free newsletter for daily crypto updates!