Yao Qian, former director of the Technology Regulation Department of the China Securities Regulatory Commission, has been expelled from the Communist Party and dismissed from public office, accused of using cryptocurrencies and other means for power-for-money transactions.
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Yao Qian, former director of the Technology Regulation Department of the China Securities Regulatory Commission, has been expelled from the Communist Party and dismissed from public office, accused of using cryptocurrencies and other means for power-for-money transactions.
According to the website of the Central Commission for Discipline Inspection and National Supervisory Commission, Yao Qian, former director of the Department of Science and Technology Regulation and former director of the Information Center of the China Securities Regulatory Commission (CSRC), abandoned his original mission and ideals, disregarded politics, pursued fame, styled himself as a fintech expert, and spared no effort to support specific technology service providers for personal gain, willingly becoming a "key target" cultivated by those seeking to influence him. He abused regulatory powers including policy recommendation, formulation, and enforcement, neglected his responsibilities for technology oversight, sought improper benefits for others in areas such as business expansion by information technology system service institutions and procurement of software and hardware, and engaged in power-for-money transactions using virtual currencies. He participated in superstitious activities; blatantly violated the spirit of the Central Eight-point Regulation by improperly accepting expensive items such as Moutai liquor and banquets; violated organizational principles by seeking benefits for others in staff recruitment; breached integrity discipline by having regulated entities pay personal expenses such as car rentals, improperly borrowing large sums from regulated parties, and making unauthorized investments in enterprises. He illegally accepted property with particularly huge amounts involved. After deliberation by the Party Committee of the CSRC, it was decided to expel Yao Qian from the Party; after study by the纪检监察group stationed at the CSRC under the Central Commission for Discipline Inspection and National Supervisory Commission, it was decided to dismiss Yao Qian from public office; his illicit gains were confiscated; and upon decision by the Shanwei Municipal Supervisory Commission of Guangdong Province, Yao Qian's suspected criminal case has been transferred to procuratorial organs for legal review and prosecution, along with all related assets.
Navigating Web3 tides with focused insightsTechFlow News — On November 20, according to the website of the Central Commission for Discipline Inspection and National Supervisory Commission, Yao Qian, former director of the Technology Regulation Department and former head of the Information Center at China's Securities Regulatory Commission (CSRC), abandoned his original mission and ideals, disregarded politics, craved fame, styled himself as a fintech expert, and spared no effort to support specific technology service providers for personal gain, willingly becoming a "key target" cultivated by those seeking favors. He abused regulatory powers including policy recommendation, formulation, and enforcement, neglected his duties in technology oversight, sought improper benefits for others in areas such as business expansion by information technology system service institutions and procurement of software and hardware, and engaged in power-for-money transactions using virtual currencies. He participated in superstitious activities; blatantly violated the spirit of the Central Eight-point Regulation by illegally accepting expensive items such as Moutai liquor and banquets; breached organizational principles by securing employment benefits for others; violated integrity rules by having regulated entities pay personal expenses such as car rentals, improperly borrowing large sums from regulated parties, and illicitly investing in enterprises. He was found to have illegally accepted property of exceptionally large amounts.
The CSRC Party Committee decided to expel Yao Qian from the Communist Party; the纪检监察 group stationed at the CSRC by the Central Commission for Discipline Inspection and National Supervisory Commission decided to dismiss him from public office; all proceeds from his violations and illegal activities will be confiscated; the supervisory commission of Shanwei City, Guangdong Province decided to transfer his suspected criminal case to procuratorial organs for legal prosecution, along with all related assets.
Yao Qian was one of the pioneers of China’s central bank digital currency and a rare official within the system who long advocated cryptocurrency education. (Beijing Daily)
