Yao Qian, China’s Former CBDC Founder and Regulator, Under Investigation Over Alleged Crypto-Bribe and ICO Assistance:-
Yao Qian, China’s Former CBDC Founder and Regulator, Under Investigation Over Alleged Crypto-Bribe and ICO Assistance
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Yao Qian, a former senior official in China’s financial regulatory system and an early architect of the country’s central bank digital currency (CBDC) research, is under criminal investigation after being accused of assisting a 2018 ICO listing and accepting large bribes in cryptocurrency, according to multiple Chinese state media reports and official disclosures.
Allegations and Investigation Details
Chinese authorities, led by the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission, have prosecuted Yao for serious disciplinary and criminal violations, including the alleged use of his regulatory influence for personal gain. Yao was expelled from the Communist Party of China, dismissed from public office and his case was transferred to prosecutorial authorities for legal review.
According to official media, in 2018 Yao aided a businessman surnamed Zhang in securing a listing for a cryptocurrency offering (ICO). The ICO successfully raised 20,000 Ethereum (ETH), and Zhang subsequently transferred 2,000 ETH to Yao as an undisclosed “reward.” At the time of valuation, this amount of ETH was worth tens of millions of yuan.
Role in CBDC Development and Regulatory Career
Yao was an influential figure in China’s digital currency landscape. In 2017, he served in leadership roles within the People’s Bank of China’s digital currency research division, helping drive early development of China’s digital yuan (e-CNY) initiative. He later moved into senior technology oversight positions at the China Securities Regulatory Commission (CSRC).
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