Chinese Pro-Blockchain Official Yao Qian Under Investigation Amid Hong Kong's Crypto Embrace
Summary:
China's pro-blockchain official Yao Qian is under investigation for possible legal transgressions. Yao, the director of the Science and Technology Supervision Bureau under the China Securities Regulatory Commission and a significant advocate for blockchain, continues to contribute to digital currency discourse despite stepping down from active CBDC development. This news comes as mainland China maintains its anti-crypto stance, while Hong Kong moves to embrace cryptocurrency, recently approving Bitcoin and Ether exchange-traded funds.
Reports suggest that Yao Qian, a notable pro-blockchain figure in China, is currently under official investigation for possible legal misconduct. The Shanghai Securities News reported on April 26 that his potential "serious violations" of discipline and laws are being looked into by the Central Committee of the Communist Party of China, though no specific details have been released.
Yao holds a key position as the director of the Science and Technology Supervision Bureau, part of the China Securities Regulatory Commission. He has earned the nickname "Crypto Dad" within the China's blockchain community and spearheaded China's central bank digital currency (CBDC) research at the People’s Bank of China (PBoC) between 2017 and 2018.
Despite stepping down from active CBDC development, Yao continued to contribute to digital currency discourse. In May 2021, he postulated that emerging state-sponsored digital currencies could become more intelligent and might even operate on blockchain networks, like Ethereum.
China trialed its own CBDC, the digital yuan, in late 2019, making it one of the pioneering jurisdictions to conduct real-world CBDC tests. Yields from these tests led to the commencement of international CBDC trials in partnership with central banks in Hong Kong, Thailand, and the United Arab Emirates in 2021.
The launching of China's digital yuan aligns with its pro-blockchain, anti-crypto stance, which was centrally advocated by President Xi Jinping in October 2019. As opposed to mainland China, Hong Kong, China's special administrative region, has enthusiastically embraced the prospect of cryptocurrency.
On April 24, Hong Kong’s Securities and Futures Commission greenlit the preliminary batch of traded funds (ETFs) for Bitcoin and Ether. Consequently, Hong Kong is poised to surpass the United States in launching spot Ether ETFs, as the scheduled trading launch in the region is set for April 30.
Published At
4/26/2024 1:01:52 PM
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