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Investigation into Key Figure of China’s CBDC Project
Yao Qian, a key figure in China’s central bank digital currency (CBDC) project, is currently under investigation for suspected violations of discipline and law. Qian played a crucial role in leading the research effort at the People’s Bank of China (PBOC) to develop and issue a digital yuan.
Qian’s Influence on CBDC Project
Qian’s involvement in the CBDC project was influential not just within China but also globally. The development of China’s digital yuan project served as a catalyst for other major jurisdictions worldwide to explore the concept of central bank-issued digital currencies.
Global Adoption of CBDCs
According to the Atlantic Council CBDC tracker, 130 countries, representing 98% of global GDP, are currently exploring a CBDC, while 19 of the G20 countries are in the advanced stage of their CBDC development. In total, 11 countries have fully launched a CBDC, including China, The Bahamas, Nigeria, Anguilla, Jamaica, and seven Eastern Caribbean countries.
China’s Stance on Crypto Regulation
In its latest financial stability report, the People’s Bank of China (PBoC) addressed issues related to cryptocurrency regulation and decentralized finance. The Chinese central bank emphasized the need for joint efforts by different countries to regulate the industry effectively.
In 2021, the PBoC announced measures to combat the adoption of cryptocurrencies in mainland China, advocating for stronger inter-departmental coordination to crack down on crypto activities.
Despite the ban on virtually all crypto transactions and cryptocurrency mining, mainland China has remained a major crypto-mining hub. China is set to revise its outdated anti-money laundering (AML) law to tackle the increasing risks associated with virtual assets.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
