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.
Investigators reportedly recovered hardware wallets from Yao’s office containing virtual asset records and traced the flow of the ETH payments through blockchain transaction histories. The inquiry revealed intermediaries and proxy accounts used to obscure the transfers, allowing authorities to build a comprehensive evidentiary chain.
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).
His work drew attention both within China and internationally, and at one point he was recognized in industry circles for his influence on digital currency and blockchain discussions. However, his prominence now contrasts sharply with the allegations of corruption linked to the crypto sector.
Asset Use and Alleged Personal Gain
Investigators also reported additional financial misconduct, including illegal acceptance of high-value items, misuse of regulatory power to benefit private companies, and improper borrowing from regulated entities. Further evidence suggested that some of the crypto assets obtained as bribes were later liquidated — with portions converted into cash and used to purchase real estate.
As a result of the investigation, authorities confiscated proceeds derived from Yao’s alleged violations. The case has drawn attention to the use of virtual assets in corruption schemes, highlighting emerging challenges for financial oversight in the digital era.
Legal and Political Context
The CCDI’s announcement emphasized that Yao’s conduct violated multiple layers of party discipline and state law. His prosecution underscores China’s intensified anti-corruption efforts, even as the country continues to advance regulated digital currency projects.
Legal analysts note that the case could have wider implications for regulatory governance, virtual asset oversight and confidence in China’s burgeoning fintech and blockchain initiatives — especially given Yao’s high public profile in both CBDC research and securities technology supervision.
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