April 28, 2024
China Launches Inquiry into 'Crypto Dad'
Latest Cryptocurrency News

China Investigates ‘Crypto Dad’ Yao Qian Amid CBDC Progress

China Investigates Blockchain Advocate Yao Qian on Legal Suspicion

China’s regulatory authorities have initiated an inquiry into Yao Qian, a prominent advocate for blockchain technology, citing potential legal infractions. Yao, often recognized as China’s “Crypto Dad,” is presently being investigated by the Central Committee of the Communist Party of China for suspected breaches of law and discipline. The specifics surrounding the investigation remain undisclosed as of now.

Yao Qian’s Influential Role in Blockchain and CBDC

Yao Qian, currently holding the position of Director of the Science and Technology Supervision Bureau at the China Securities Regulatory Commission, has played a pivotal role in China’s blockchain landscape. Notably, Yao was the inaugural director of China’s central bank digital currency (CBDC) research department at the People’s Bank of China (PBoC) from 2017 to 2018. Despite stepping back from active CBDC development, Yao has remained an active participant in digital currency research and dialogue.

China’s CBDC Development and Blockchain Stance

China’s central bank introduced its digital yuan, the digital currency electronic payment (DCEP), with pilot programs starting in late 2019, marking a significant milestone in global CBDC exploration. Concurrently, China has advocated for blockchain technology while adopting a cautious approach towards cryptocurrencies, as highlighted by President Xi Jinping’s call for extensive blockchain integration in 2019.

Contrasting Approaches: China’s Crypto Policies vs. Hong Kong’s Crypto Expansion

While mainland China has imposed strict bans on cryptocurrency transactions since 2021, its special administrative region, Hong Kong, has embraced crypto innovation. Recently, Hong Kong’s Securities and Futures Commission approved the launch of spot Bitcoin and Ethereum exchange-traded funds (ETFs), signaling a proactive move into the cryptocurrency space. This development positions Hong Kong as a potential leader in crypto ETF markets, outpacing even the United States in certain aspects.

Conclusion

The ongoing investigation into Yao Qian underscores China’s intricate relationship with blockchain and cryptocurrencies. While the country pursues CBDC development and blockchain integration, regulatory caution persists regarding decentralized cryptocurrencies. In contrast, Hong Kong’s progressive stance reflects a broader global trend of embracing digital assets within established regulatory frameworks, signaling a dynamic evolution in financial technology markets.

Image by pixabay

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