China Might Not Unban Crypto Soon as Proponents Faces Backlash on Corruption Allegations

Yao Qian a Chinese crypto advocate was officially dismissed from the office of the director of the Science and Technology Supervision Department of the China Securities Regulatory Commission (CSRC) and director of the Information Center.

Additionally, Qian’s expulsion from the Communist Party and referral to prosecutorial authorities subsequently follow his removal from all political office.

Notably, Central to the allegations is the misuse of virtual currencies. Yao Qian allegedly traded regulatory power for monetary gain through cryptocurrency transactions, a particularly egregious violation of trust given his previous advocacy for the technology within the Chinese regulatory framework, according to the source.

Conducted Investigation Found Yao Qian Guilty

The investigation, jointly conducted by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection the National Supervisory Commission stationed in the CSRC, and the Guangdong Provincial Commission for Discipline Inspection and Supervision, revealed a pattern of systemic corruption.

Yao Qian, described as having abandoned his original mission and prioritizing personal ambition, leveraged his position to favor specific technology service providers. This blatant favoritism extended to policy formulation, execution, and procurement processes related to information technology systems.

Notably, the investigation’s findings reveal that he actively sought and accepted significant financial benefits in exchange for his influence.

Beyond the cryptocurrency-related transgressions, the investigation uncovered a wider range of corrupt activities. Accusers charge Yao Qian with violating the Central Eight Regulations by accepting valuable gifts, such as high-end liquor, and attending lavish banquets. He also allegedly engaged in superstitious practices, a further indication of a disregard for official ethics.

Furthermore, He manipulated personnel recruitment processes for personal gain and illegally borrowed large sums of money from those he oversaw.

“The severity of Yao Qian’s actions extends beyond the monetary value of the illicit gains. His disregard for Party discipline, persisting even after the 18th, 19th, and 20th National Congresses of the Communist Party of China, points to a deep-seated corruption that resisted multiple calls for increased transparency and accountability within the Chinese government” a party member elaborated.