Summary:
Yao Qian, former central bank official, accused of taking bribes through cryptocurrencies.
This case represents the first corruption scandal in China's cryptocurrency sector.
CCDI claims Yao committed a severe breach of duty while at the CSRC.
Yao allegedly used virtual currencies for exchanging power and money.
He has been expelled from the Communist Party and dismissed from office.
Corruption in Cryptocurrency
A crypto-friendly former official from China's central bank, Yao Qian, has been accused of taking bribes linked to cryptocurrencies, marking the first corruption case of its kind in the country as it intensifies its crackdown on digital currencies.
The Central Commission for Discipline Inspection (CCDI) reported that Yao, who once led the People's Bank of China's digital currency research, committed a severe breach of duty while serving at the China Securities Regulatory Commission (CSRC). His department was responsible for regulating data and cybersecurity, as well as implementing rules for various financial sectors.
Yao is under investigation for bribery-related crimes. The CCDI noted that he posed as a financial technology expert and allegedly supported specific technology service providers for personal gain.
It has been reported that Yao became a target for those looking to exploit his position. His alleged misconduct includes using virtual currencies to facilitate the exchange of power and money.
He is accused of misusing his regulatory authority to assist tech companies in expanding their operations while covering his personal expenses and accepting substantial illegal payments.
As a result of these allegations, Yao has been expelled from the Communist Party and dismissed from public office, with all his illegal gains confiscated. The prosecution authority will now evaluate the case to determine if criminal charges will be filed against him.
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