Yao Qian, a leading figure in China’s blockchain industry and former head of the central bank’s digital currency institute, has been expelled from the Communist Party of China and removed from public office. Authorities accuse him of cryptocurrency-related corruption.
China’s anti-corruption agency announced Yao’s dismissal, alleging he “seriously violated discipline and the law” by abusing his regulatory authority and engaging in cryptocurrency-related money-for-power deals. Authorities also accused Yao of fabricating his credentials as a fintech expert and improperly favoring certain technology service providers for his personal gain.
Although exact figures have not been released, Yao is alleged to have accepted a significant amount of illicit funds and assets. His case has been referred to prosecutors for further investigation and potential legal action.
Born in 1970, Yao Qian was a pioneer of China’s digital currency efforts. He became the first head of the central bank’s digital currency research institute in 2017 and played a critical role in the early development of China’s digital yuan. In 2018, Yao moved to the China Securities Regulatory Commission as head of its technology regulation department.
Yao’s influence extends beyond his regulatory roles. He has written and spoken frequently about blockchain and published a 2022 book covering decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 innovations. In his foreword, he underlined the global importance of Web3 technologies, describing them as “a direction of development that countries are deeply interested in and value.”
Yao warned about the risks of Bitcoin ETFs in the U.S. in an opinion piece for respected Chinese financial news outlet Caixin in April 2024. The article now stands as one of his last public appearances before the charges were laid.
*This is not investment advice.