Michaela
Yao Qian, the former director of the science and technology supervision unit of the China Securities Regulatory Commission (CSRC), has been named in a high-profile cryptocurrency bribery scandal. The ex-official was accused of accepting bribes through cryptocurrencies, facilitating transactions involving the exchange of power for money.
According to the country’s anti-corruption watchdog, the Central Commission for Discipline Inspection (CCDI), Yao disregarded politics, sought fame, βposed as a financial technology expert,β becoming a key target for those seΠ΅king to exploit his influence. The Paper writes that during his tenure at the CSRC, he misused his position to facilitate businΠ΅ss expansion for tech companies, cover personal expenses, and accept large bribes.
Yao joined the CSRC in 1997 and held various leadership roles. When the investigation into his activities erupted, he was expelled from the Communist Party and dismissed from public office, with all illegal gains confiscated. Prosecutors are now reviewing the case to determine potential criminal charges.
Crypto Bribery Allegations
Yao was accused of leveraging cryptocurrency to participate in βtrading power for money,β suggΠ΅sting his involvement in illicit activities masked as blockchain and cryptocurrency operations.
The CCDI report disclosed that Yao abused his regulatory authority to benefit specific technology service providers, using his influence to facilitate business expansions, secure software and hardware contracts, and carry out other unlawful transactions.
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The report also outlined other significant disciplinary violations, including accepting lavish gifts like Moutai liquor, organizing extravagant banquets, and attempting to influence employee recruitment for personal gain.
In several cases, Yao Qian was accused of directing personal expenses to organizations under his oversight, illegally borrowing substantial sums of money, making business investments, and accepting bribes amounting to an “exceptionally largΠ΅” sum.
Yao Qian’s Rise and Fall
Yao’s actions, coupled with his involvement in superstitious practicesβan area considered taboo within the Communist Partyβhave reinforced the allegations of his deviation from the party’s core disciplinary principles. These led to his expulsion.
The CCDI has since seized the earnings derived from Yaoβs breaches of discipline and the law. A local inspection unit in Shanwei, located in Guangdong Province, referred Yao’s case to the prosecuting authorities for further legal examination and potential prosecution, along with the associated assets.
Related: Judge Allows Insider Trading Lawsuit Against Coinbase Execs
Yao’s case raises questions about the future regulations and policies China will implement regarding cryptocurrency. While the country has long been known for its strict stance and crackdown on digital assets, recent developments suggest a potential shift.
Early this month, Nano Labs Ltd. announced it would begin accepting Bitcoin payments for its products. This move by Nano Labs Ltd. does not signify a complete shift in Chinaβs crypto policies. However, it could signal a more open approach to digital assets.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
