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China expels Digital Yuan creator over corruption suspicions
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Yao Qian, former director of the Science and Technology Supervision Department of the China Securities Regulatory Commission, was removed from his duties and expelled from the Communist Party for involvement in corruption schemes.
Investigations revealed that he used the digital yuan to negotiate favors and obtain illicit benefits. This raises concerns about the vulnerability of Chinese digital currency to misuse.
The Shanwei Municipal Supervisory Committee in Guangdong Province decided to refer Yao Qian to the procuratorate. There, authorities will analyze your criminal responsibility. Furthermore, the government ordered the confiscation of goods acquired irregularly during its period of public activity.
Reports indicated that Yao Qian deviated from his original responsibilities as a technical leader and adopted behavior aimed at personal gain.
Corruption and abuses in the use of the digital yuan
He would have abused his regulatory power to benefit companies in contracting technology services and purchasing software and hardware. These actions included receiving benefits such as luxury items, banquets and significant sums of money.
Yao Qian also allegedly manipulated the use of the digital yuan with transactions that exchanged influence for money. Furthermore, he allegedly violated regulations by seeking benefits for third parties in recruitment processes and by taking out illegal loans to invest in private companies.
The investigation, conducted by bodies such as the Central Commission for Discipline Inspection and the National Supervisory Commission, highlighted the seriousness of Yao Qian’s actions and the negative impacts on the digital yuan’s reputation.
Created to strengthen China’s financial sovereignty, the digital yuan plays a crucial role in the country’s economic strategy. The digital currency seeks to position itself as an alternative to cryptocurrencies such as Bitcoin.
As of July 31, the People’s Bank of China counted 180 million individual wallets using the digital yuan. Transactions exceeded 7.3 trillion yuan (more than US$1 trillion).
The digital currency, introduced in 2014, has already achieved widespread adoption in sectors such as retail, healthcare and utilities. Additionally, it facilitates international collaborations with central banks in countries such as Thailand, the United Arab Emirates and Hong Kong.
China expels Digital Yuan creator over corruption suspicions
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China expels Digital Yuan creator over corruption suspicions
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China expels Digital Yuan creator over corruption suspicions
