November 22, 2024
By Anjali Kochhar
Yao Qian, a key architect of China’s Central Bank Digital Currency (CBDC), has been expelled from the Chinese Communist Party after an investigation revealed his involvement in corruption and crypto-related bribery. Once a celebrated figure in China’s financial technology sector, Yao’s actions have led to his dismissal and criminal charges.
The investigation, which began earlier in 2024, uncovered that Yao had misused his authority for personal gain. Reports indicate he accepted substantial sums of cryptocurrency, lavish gifts, and other benefits in exchange for favours. Additionally, Yao leveraged his position to support specific technology service providers, grant appointments to unqualified individuals, and secure improper benefits. He also attended extravagant banquets and borrowed money illegally. Authorities have labeled his actions as a “serious duty violation,” leading to his removal from the party and escalation of his case to a criminal matter.
Yao Qian was instrumental in China’s CBDC development, particularly the digital yuan (e-CNY), which positioned China as a global leader in central bank digital currencies. Appointed head of the Central Bank’s Digital Currency Research Division in 2017, Yao’s leadership propelled significant advancements in the project. His influence extended into blockchain technology, where he championed Web3 innovations, decentralised finance (DeFi), and non-fungible tokens (NFTs). Yao was widely regarded as China’s most prominent blockchain advocate.
However, his alleged misconduct has overshadowed these accomplishments. The revelations about his corruption come amid a broader anti-corruption crackdown by Chinese authorities, targeting high-ranking officials in finance and technology. The case highlights the challenges of managing innovation and regulatory integrity in an era of rapid technological advancement.
Yao’s fall from grace serves as a stark reminder of the need for transparency and accountability in leadership roles. While his contributions to financial technology were groundbreaking, his actions have tarnished his legacy and prompted questions about governance within China’s tech and financial sectors.
About the Author
Anjali Kochhar is a journalist specializing in cryptocurrency and blockchain news in India and globally. With over three years of media experience, she focuses on uncovering stories that go beyond the surface. An avid reader, she enjoys writing on diverse topics.
