China’s ‘Crypto Pope’ Dismissed Amid Corruption Allegations

Yao Qian, the former first director of CBDC development at the People’s Bank of China, has been expelled from the Communist Party following allegations of corruption involving cryptocurrencies.

In April, ForkLog reported on the initiation of an investigation against the official due to “serious violations” of discipline and law.

At that time, the specialist held the position of Director of the Science and Technology Supervision Bureau at the China Securities Regulatory Commission.

The investigation concluded with accusations against Yao of falsely presenting himself as a fintech expert, supporting technology service providers, and abusing his authority.

He was found to have illegally accepted “an extremely large amount” of funds and assets, though the exact amount was not specified.

The case has been forwarded to the prosecutor’s office for potential legal action.

Yao is a significant figure in the Chinese blockchain community. From 2017 to 2018, he was the first head of the digital currency research department at the local central bank, earning the nickname “Crypto Pope.”

After the cessation of active CBDC development, Yao continued to explore the field. In 2021, he predicted that national digital currencies might one day operate on Ethereum.

In 2022, his book on Web3 was published.

On April 8, 2024, Yao published an article on Bitcoin ETFs and cryptocurrency regulation in the United States. 

Since 2017, Yao Qian has referred to CBDCs as the “crown jewel of fintech” and urged for their accelerated launch.