China’s ‘Cryptocurrency Dad’ under investigation
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Yao Qian, a local advocate for blockchain, is reportedly under investigation by Chinese authorities, who believe she has broken the law.
Even after leaving the PBoC’s active CBDC development, Yao continued to engage in conversations and research related to digital currencies.
According to a report published in Shanghai Securities News on April 26, the Central Committee of the Communist Party of China is reportedly investigating Yao Zedong for “serious violations” of laws and regulations. The exact basis for the investigation is as follows. secret.
Yao, who currently serves as director of the Science and Technology Supervision Department of the China Securities Regulatory Commission, is a well-known figure in China’s blockchain scene.
The People’s Bank of China (PBoC) appointed him as the first director of the central bank digital currency (CBDC) research department in 2017. He is also known as China’s ‘Cryptocurrency Dad’ and held this position from 2017 to 2018.
Even after leaving the PBoC’s active CBDC development, Yao continued to engage in conversations and research related to digital currencies.
In May 2021, the former head of PBoC CBDC research predicted that state-controlled digital currencies would become more “smart” and eventually operate on blockchain networks like Ethereum.
Mainland China became one of the first countries in the world to complete real-world CBDC testing with the launch of the digital yuan (CBDC) in late 2019.
In 2021, the People’s Bank of China (PBoC) began testing cross-border CBDCs in collaboration with the central banks of Hong Kong, Thailand, and the United Arab Emirates, shortly after beginning testing of the domestic digital yuan.
Chinese President Xi Jinping called for rapid blockchain adoption in October 2019, in line with China’s “blockchain, not cryptocurrency” strategy. This coincides with the PBoC’s launch of the digital yuan.
The Chinese government, which has a negative stance on technology, plans to ban all cryptocurrency transactions by 2021.
Hong Kong, a special administrative region of China, has been actively promoting cryptocurrency development in recent years despite mainland China’s rejection.
The Hong Kong Securities and Futures Commission (SFC) approved the first group of spot Bitcoin and Ether exchange-traded funds (ETFs) on April 24. Hong Kong will surpass the United States once the spot Ether ETF is approved and begins trading on April 30. In this regard.
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