- The digital yuan project’s author and blockchain supporter, Yao Qian, is currently under investigation by the Chinese government.
- The investigation is being conducted by the Central Committee of the Communist Party of China, but the specific reasons for the investigation are unknown.
- Yao Qian previously worked for the People’s Bank of China (PBOC) and played a crucial role in the development of central bank digital currencies (CBDCs) internationally.
- In 2019, China completed a successful CBDC trial and later launched cross-border pilot projects with Hong Kong, the UAE, and Thailand.
- The adoption of the digital yuan aligns with China’s focus on blockchain technology rather than cryptocurrencies.
- The Chinese government has taken a hostile stance towards cryptocurrencies and has banned all transactions in 2021.
- China is now using the Hong Kong market to study the crypto industry.
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Media: the creator of the digital yuan project is under investigation
