Yao Qian, a prominent “pro-blockchain official” in China, is under investigation by Chinese authorities for undisclosed “law violations.”
The context of blockchain advocacy and current repression
Qian, known for his central role in the development of China’s central bank digital currency (CBDC), has been a leading spokesperson for the country’s blockchain initiative.
Qian’s efforts were instrumental in the conceptualization and deployment of the digital yuan, placing China at the forefront of the market. digital currency technology on the world stage.
The investigation, conducted by the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervisory Commission of the China Securities Regulatory Commission, has raised concerns within of the sector. blockchain community.
Yao Qian’s contributions to China’s financial technology landscape have been remarkable, serving in various high-level government positions, including Director of the Science and Technology Supervision Department and Information Center of the China Securities Regulatory Commission .
Yao Qian has also been a “strong” advocate of blockchain and digital currencies, advocating for the issuance of a state-owned digital currency as early as 2017 to strengthen the market position of China’s local currency.
Wu Blockchain said: “He was the creator of China’s CBDC and served as director of the central bank’s digital currency research institute. » However, Qian is now being scrutinized by the same government, which is pushing for technological advancements.
Details of the allegations against Qian remain “vague,” with authorities citing “serious violations of discipline and the law” without providing further details. The report noted in particular:
Yao Qian, director of the Science and Technology Supervision Department and director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation of the Central Committee.
Broader implications for blockchain and crypto in China
Despite the ongoing investigation into one of its main promoters, China’s blockchain sector continues to grow. see interest and developmentparticularly in areas not directly linked to cryptocurrencies.
For example, at a recent annual gathering of Chinese political and industrial leaders in Beijing, proposals have been made to accelerate the development of blockchain technology to improve government services, supply chains and trade.
These developments indicate that while the country may be skeptical of cryptocurrencies, it recognizes the broader applications of blockchain technology.
Additionally, Chinese financial giants, such as Harvest Fund and Southern Fund, are venturing into the international cryptocurrency space with applications to launch a new spot Bitcoin ETF via their Hong Kong subsidiaries.
The move is indicative of a nuanced approach to blockchain and digital assets, suggesting a potential softening of the stance or at least a recognition of the financial opportunities these technologies present on a global scale.
Featured image from Unsplash, chart from TradingView
