Reports have emerged of an investigation targeting Yao Qian, the former head of China’s ambitious digital yuan endeavour, citing “serious violations of discipline and law” as the alleged infractions.
Yao Qian, formerly at the helm of China’s central bank digital currency (CBDC) initiative, now faces scrutiny over purported breaches of regulations and laws, according to sources.
CCTV, China’s state broadcaster, reveals that Qian is undergoing a thorough examination by the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the China Securities Regulatory Commission.
Additionally, the Supervisory Committee of Shanwei City has initiated its inquiry into the matter.
However, the specific nature of the accusations levelled against Qian remains undisclosed at this juncture.
Qian’s influence was pivotal in establishing and advancing the research lab dedicated to the central bank’s digital currency initiative from its inception until he departed from the People’s Bank of China in 2018.
Subsequently, he transitioned to the China Securities Regulatory Commission in late 2019.
In a related development, former People’s Bank of China Governor Zhou Xiaochuan, who led the institution for 16 years until 2018, remarked on the nearing conclusion of China’s extensive digital yuan pilot project.
Speaking at a conference in Hong Kong last November, Xiaochuan indicated that the nation is on the verge of completing its multi-year digital yuan pilot, suggesting that the “final stage is not very far away.”
He highlighted China’s remarkable progress in digitizing approximately 90% of retail payments and emphasized the substantial opportunities in cross-border payments.
Xiaochuan urged central bankers to look deeper into this arena, acknowledging the significant advancements made by China in this domain.
