China, known for its bans and crackdowns on Bitcoin (BTC) and cryptocurrencies, continues its crackdown on the crypto and blockchain industry.
At this point, news of an investigation came from China again.
According to local news agency Shanghai Securities News, an investigation has been launched against Yao Qian, the architect of China's central bank digital currency (CBDC) project, due to 'disciplinary and law violations'.
“Yao Qian, Director of the Department of Science and Technology Supervision and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious disciplinary and legal violations. And is currently under investigation by the Central Committee.
Disciplinary investigation of Yao Qian is carried out by the Disciplinary Inspection and Supervision Team of the State Disciplinary Inspection Commission of the China Securities Regulatory Commission, and the supervision and investigation is carried out by the Supervisory Committee of Shanwei City, Guangdong Province.”
The exact reasons for the investigation were not stated.
Yao Qian was the creator of China's CBDC and served as director of the central bank's digital currency research institute.
*This is not investment advice.