Ex-Head of China’s Digital Yuan Effort Facing Government Probe: Report

• The former leader of China’s digital yuan effort is reportedly under investigation for alleged law violations.

• He is now an official at China’s Securities Regulatory Commission.

Yao Qian, the architect of China’s central bank digital currency (CBDC) project, is under investigation for ‘violations of discipline and law,’ state-owned news outlet, Shanghai Securities News reported Friday.

Qian led a research effort by the People’s Bank of China (PBOC) to create and issue a digital yuan, a project that partly prompted other major jurisdictions around the world to also start exploring CBDCs. He left the central bank in 2018 and has since been at the China Securities Regulatory Commission.

“Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee,” the report said.

“Disciplinary review by the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection at the China Securities Regulatory Commission and supervision and investigation by the Supervisory Committee of Shanwei City, Guangdong Province.”

Details of the allegations against Qian were not given.