Investigation reportedly underway on CBDC

Yao Qian, the former head of China’s digital yuan initiative, is currently being investigated for “serious violations of discipline and law,” according to reports. The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, as well as the Supervisory Committee of Shanwei City. The specific details of the allegations against Qian have not been disclosed at this time. Qian played a crucial role in leading the research lab for the central bank’s digital currency initiative before leaving the People’s Bank of China in 2018. Former People’s Bank of China Governor Zhou Xiaochuan has previously highlighted China’s progress in its digital yuan pilot project, stating that the nation is nearing the end of its multi-year pilot. Xiaochuan emphasized the importance of digitizing retail payments and exploring opportunities in cross-border payments. US policymakers have recently introduced a bill targeting China’s digital yuan.