Coinspeaker
China’s CBDC Mastermind Is Under Investigation

Yao Qian, the mastermind behind the development of China’s Central Bank Digital Currency (CBDC), has found himself under the watchful eyes of the Chinese government, as reports reveal that he is under investigation. The investigation adds to ongoing probes on some key players in the crypto community and raises concerns about the potential adoption of CBDC in China.

Charges against Yao Qian 

According to reports, the Chinese anti-corruption authorities have accused Yao Qian of violating laws and regulations. At the moment, details about the investigation remain unknown. Born in 1970, Qian is a former director at the central bank’s digital currency research institute and currently serves as the Director of the Information Center of the China Securities Regulatory Commission.

Qian was appointed the first head of the central bank’s digital currency research institute in 2017. Subsequently, he moved from the central bank to the country’s securities regulator the following year. He...