Yao Qian, the architect of China’s central bank digital currency (CBDC), has been expelled 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 Power
Yao, a former director at the China Securities Regulatory Commission (CSRC), is being investigated for severe violations of discipline and law. According to a report 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 China’s Discipline Inspection 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.
The investigation found that Yao’s actions had a severe effect on the Party’s credibility. Despite previous warnings, Yao continued his misconduct as he had during the 18th, 19th, and 20th National Congresses. He was also charged with violating the party’s political discipline and integrity regulations and accused of bribery.
China PBOC’s Stimulus Package and Its Impact on CryptoCrypto’s Impact on Politics
The Party Committee of the CSRC has decided to expel Yao Qian from the party’s membership. The Central Commission for Discipline Inspection and the National Supervisory Commission also decided to expel him from public office. Additionally, they ordered the confiscation of his illicit assets.
This case illustrates the current risks of the relationship between cryptos and the political sphere. It focuses on the issue of digital currencies in the context of the Chinese regulatory system.
