Bitcoin

Yao Qian, the architect of China’s central bank digital currency (CBDC), has been <a href="https://www.reuters.com/world/china/ex-senior-official-chinas-securities-regulator-under-investigation-says-anti-2024-11-20/" rel="noopener noreferrer nofollow">expelled</a> from the Communist Party of China (CPC). He has been charged with bribery and faces severe consequences involving cryptocurrency. Once hailed as the country’s biggest voice for digital currency, Yao has become a fallen icon in the tech and finance industries.Investigating Abuse of PowerYao, a former director at the China Securities Regulatory Commission (CSRC), is being investigated for severe violations of discipline and law. According to a <a href="https://m.thepaper.cn/newsDetail_forward_29401625" rel="noopener noreferrer nofollow">report</a> from Wednesday, he was indicted for abusing his position to assist cryptocurrency service providers for personal gain. This involved offering bribes in the form of digital currencies.According to <a href="https://cryptotale.org/china-dominates-bitcoin-mining-despite-2021-crypto-ban/" rel="noopener noreferrer nofollow">China’s Discipline Inspection</a> and Supervision Group, Yao failed to perform his duties as assigned. He misused the power to lay down policies, influence business dealings, and provide himself with special favors. Yao was accused of using virtual currency to bribe or pay for influence. He also took costly gifts, including Maotai liquor, and enjoyed expensive meals at hotels.<a href="https://cryptotale.org/chinas-cbdc-architect-expelled-from-cpc-over-crypto-bribery/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

China's CBDC Architect Expelled from CPC Over Crypto Bribery

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