As an observer with a background in finance and technology, I find the ongoing investigation into Yao Qian, China’s “Crypto Dad” and former director of China’s central bank digital currency (CBDC) research department, quite intriguing. While the reasons for the investigation are not disclosed, it is clear that Yao has played a significant role in shaping China’s approach to digital currencies and blockchain technology.
According to reports, Chinese authorities are said to have initiated an probe into the local figurehead of pro-blockchain movement, Yao Qian, on allegations of breaking the law.
Based on a report published by the Shanghai Securities News on April 26, it has been revealed that Yao is currently under scrutiny from the Central Committee of the Communist Party of China for alleged severe breaches of party discipline and law. The details behind these accusations have yet to be made public.
As an impartial onlooker, I can assert that Yao holds a pivotal position at the China Securities Regulatory Commission, specifically serving as the director of the Science and Technology Supervision Bureau. His influence extends to the burgeoning Chinese blockchain community.
I, serving as the inaugural head of China’s Central Bank Digital Currency (CBDC) research department at the People’s Bank of China (PBoC) from 2017 to 2018, have been commonly known as “China’s Crypto Dad.”
Following his departure from CBDC (Central Bank Digital Currency) innovation at the People’s Bank of China, Yao continued to contribute to digital currency studies and dialogues.
In May 2021, I observed that the ex-head of CBDC research at the People’s Bank of China forecasted that sovereign digital currencies would evolve to become more intelligent and might eventually function on blockchain systems, such as Ethereum.
As a CBDC analyst, I can share that I had the opportunity to witness the pilot testing of Mainland China’s digital currency, the digital yuan, towards the end of 2019. This made China one of the pioneering nations in conducting real-world Central Bank Digital Currency (CBDC) experiments on a global scale.
After initiating homegrown digital yuan trials, the People’s Bank of China commenced collaborative cross-border Central Bank Digital Currency (CBDC) experiments with monetary authorities in Hong Kong, Thailand, and the United Arab Emirates during the year 2021.
The rollout of the digital yuan by the People’s Bank of China aligns with China’s stance on prioritizing blockchain technology over cryptocurrencies, following Chinese President Xi Jinping’s push for widespread blockchain use in October 2019.
In contrast, the Chinese authorities have adopted a confrontational approach towards cryptocurrencies, prohibiting all deals involving them in the year 2021.
In contrast to the mainland, Hong Kong, China’s autonomous territory, has been actively embracing cryptocurrency development in recent years.
As a researcher studying the financial markets, I’m excited to share that on April 24th, the Securities and Futures Commission of Hong Kong granted approval for the first set of Bitcoin (BTC) and Ethereum (ETH) spot Exchange-Traded Funds (ETFs). This puts Hong Kong in a leading position, as we’re anticipated to launch these ETFs before the United States. The trading commencement is scheduled for April 30th.
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2024-04-26 13:13