Shanghai Securities News, a state-owned news agency, said on Friday that Yao Qian, the creator of China’s central bank digital currency (CBDC) initiative, is being investigated for “violations of discipline and law.”
Qian oversaw a People’s Bank of China (PBOC) research initiative to develop and issue a digital yuan, which in part served as inspiration for other significant international authorities to begin investigating CBDCs as well. 2018 saw him depart from the central bank and join the China Securities Regulatory Commission.
“Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Centre of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee,” according to the report.
“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.” The specifics of the accusations made against Qian were withheld.