As an analyst with extensive experience in the Chinese financial sector, I find the ongoing investigation into Yao Qian, the former lead developer of China’s digital yuan initiative, a significant development. The fact that he is undergoing both disciplinary review and criminal investigation by multiple authorities suggests that the allegations against him are quite serious.
The ex-leader of China’s digital yuan project is currently under scrutiny for alleged significant breaches of ethical conduct and legal rules.
As an observer, I’ve come across news that Yao Qian, the ex-lead developer of China’s central bank digital currency project, is reportedly being scrutinized for potential breaches of discipline and legal guidelines.
As a researcher, I’ve come across some information from China’s national television CCTV reporting that Qian is currently undergoing disciplinary review by both the Central Commission for Discipline Inspection and the National Supervisory Commission, which are based at the China Securities Regulatory Commission. In addition to this, an investigation has been initiated against him by the Supervisory Committee of Shanwei City. Unfortunately, the specific details regarding the allegations against Qian have not yet been made public as of now.
Yao Qian played a crucial part in establishing and leading the research team for the central bank’s digital currency project since its beginning, up until his exit from the People’s Bank of China in 2018. Subsequently, he joined the China Securities Regulatory Commission towards the end of 2019.
During a recent conference in Hong Kong, former People’s Bank of China Governor Zhou Xiaochan shared insights on China’s advancements in its digital yuan project. He expressed that the final stages of the pilot program are approaching, implying that the completion of this multi-year initiative may be just around the corner.
He highlighted how China has nearly completed the digital transition for retail payments, amounting to around 90%, and pointed out the lucrative prospects in facilitating cross-border transactions. He encouraged central bankers to delve deeper into this area.
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2024-04-26 13:37