Crypto Dad under government probe

Chinese authorities are reportedly conducting an investigation into Yao Qian, a prominent pro-blockchain official, on suspicion of legal violations. Yao, who currently serves as the director of the Science and Technology Supervision Bureau at the China Securities Regulatory Commission, is an influential figure in the Chinese blockchain community. He is known as China’s “Crypto Dad” and was the first director of China’s central bank digital currency (CBDC) research department at the People’s Bank of China (PBoC).

The specific reasons for the investigation have not been disclosed. Yao has been involved in digital currency research and discussions even after leaving his role at the PBoC. In May 2021, he predicted that state-run digital currencies, including China’s CBDC, could become more “smart” and operate on blockchain networks such as Ethereum.

China has been a pioneer in the development and testing of CBDCs. The digital yuan, China’s CBDC, was piloted in late 2019, making it one of the first jurisdictions in the world to conduct real-world CBDC tests. Following the domestic testing, the PBoC also initiated cross-border CBDC pilots in collaboration with central banks in Hong Kong, Thailand, and the United Arab Emirates in 2021.

China’s push for blockchain adoption came in contrast to its hostile stance on cryptocurrencies. In 2021, the Chinese government banned all cryptocurrency transactions. The Chinese special administrative region of Hong Kong has been actively embracing cryptocurrencies. In fact, on April 24, Hong Kong’s Securities and Futures Commission approved the launch of the first batch of spot Bitcoin and Ether exchange-traded funds (ETF).

With this approval, Hong Kong is set to beat the United States in the launch of spot Ether ETFs, as the trading launch in Hong Kong is scheduled for April 30. It remains to be seen how China’s investigation into Yao Qian will impact the country’s blockchain and digital currency initiatives.

6 thoughts on “Crypto Dad under government probe

  1. This news might shake people’s trust in China’s commitment to blockchain adoption. It’s a setback for the industry. 😥

  2. It’s fascinating to see China’s involvement in the development of CBDCs, especially with their pioneering efforts in testing the digital yuan. They’ve really been at the forefront of innovation in this space!

  3. Yao Qian was such an influential figure in the Chinese blockchain community. It’s disappointing to see him being investigated.

  4. Yao Qian’s prediction about state-run digital currencies becoming more smart and operating on blockchain networks is forward-thinking. It highlights the potential for technological advancements in the financial industry.

  5. It’s frustrating that the specific reasons for the investigation haven’t been disclosed. Transparency is important in these cases. 😡

  6. Authorities should make a conscious effort to share the reasons behind the investigation, as it will affect public perception. 😠

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