Yao Qian, renowned former leader of the Blockchain sector in China and first director of the Digital Currency Institute of the country’s Central Bank, has been expelled from the Communist Party of China and removed from public office. Authorities accuse him of alleged corruption, with links to illicit Cryptocurrency-related transactions.
Accusations and consequences
According to a statement issued by China’s anti-corruption authorities, Yao seriously violated Party laws and discipline. He is accused of having abused his regulatory power to benefit certain technology providers in exchange for personal gains, in addition to participating in financial operations with cryptocurrencies in a scheme of exchanging power for money.
The report details that Yao would have illegally accepted an “extraordinarily large” amount of funds and assets, although the exact amount is not specified. His case has been transferred to judicial authorities for further investigation and possible criminal prosecution.
Yao Qian’s career
Born in 1970, Yao was an influential figure in the development of the digital yuan and led the Central Bank’s Digital Currency Institute from its founding in 2017 to 2018.
He later held a position in technology regulation at the China Securities Regulatory Commission. During his career, he also stood out as an author and promoter of Web 3.0 technologies, including DAO, DeFi and NFTs, topics he addressed in a book published in 2022.
In April of this year, Yao published an opinion piece in the financial media Caixin titled “Warnings mount over novel Bitcoin ETFs sweeping the US,” showing his continued interest in the digital asset sector.
Context in China
This case underlines China’s strict stance towards cryptocurrencies and related transactions. Although the country has banned cryptocurrency trading and Mining, it continues to develop and promote its centralized digital currency, the digital yuan.
Yao Qian’s ouster highlights the risks of corruption in emerging sectors such as blockchain, where the balance between innovation and regulation remains a global challenge.
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