Chinese authorities have launched an investigation targeted at Yao Qian, a leading pro-blockchain government official, on suspicion of legal violations, according to a report by the local news outlet, the Shanghai Securities News, on April 26.
According to the report, Yao is being investigated for a “serious violation of discipline and law.” This phrase typically indicates allegations of corruption, misconduct, or breaking rules or regulations. However, specific details of the investigation have not been disclosed publicly.
Yao, often referred to as China’s “Crypto Dad,” currently serves as the director of the Science and Technology Supervision Bureau at the China Securities Regulatory Commission. He previously served as the first director of China’s central bank digital currency (CBDC) research department at the People’s Bank of China (PBoC) from 2017 to 2018.
Despite stepping away from active CBDC development, Yao has continued to contribute to digital currency research and discussions. In May 2021, he predicted that state-run digital currencies would evolve to become more “smart,” potentially operating on blockchain networks like Ethereum.
The investigation into Yao highlights the complexities surrounding blockchain and cryptocurrency regulation in China as the country seeks to balance technological innovation with regulatory compliance.
The Chinese government’s strategy has been interpreted as promoting blockchain technology while adopting a hostile stance towards cryptocurrencies. In October 2019, President Xi Jinping called for aggressive blockchain adoption but in 2021, the government banned all cryptocurrency-related transactions in the country.
On the other hand, the Asian nation is a pioneer in Central Bank Digital Currency (CDBC) development globally. Its “digital yuan” pilot project in late 2019 was one of the world’s initial real-world CBDC tests. Subsequently, the PBoC initiated cross-border CBDC pilots in collaboration with central banks in Hong Kong, Thailand, and the United Arab Emirates in 2021.
While mainland China rejected cryptocurrency development, its special administrative region, Hong Kong, has taken a different approach. The region’s government actively embraces both cryptocurrencies and blockchain technologies in its jurisdiction.
RELATED:
- Hong Kong’s Financial Secretary Reaffirms Commitment to Digital Innovation and Blockchain Technology
- Hong Kong Retains Position as Top Cryptocurrency Hub Despite Regulatory Challenges
Notably, the region’s top financial regulator, the Securities and Futures Commission (SFC), finally approved the first batch of spot Bitcoin and Ether exchange-traded funds (ETFs). This approval positions Hong Kong ahead of the United States in launching spot Ether ETFs, with trading set to commence on April 30.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
