Yao Qian, the former head of China’s digital currency research project, has been expelled from the Chinese Communist Party amid allegations of corruption. He is accused of abusing his authority and neglecting his responsibilities in overseeing technology. Reports claim that he accepted bribes in various forms, including cryptocurrency, property, premium liquor, and extravagant meals, while also illegally borrowing money during his tenure. The scale of the corruption is described as significant but lacks specific details regarding individual transactions. Yao's case has now been referred to local authorities for prosecution, following an investigation initiated in April 2024. Qian was the first to lead the Digital Currency Research Institute at the People's Bank of China, shaping the development of the digital yuan before his departure in 2018. His situation comes as China's digital yuan continues to see increased real-world applications, expanding to jurisdictions like Hong Kong and facilitating cross-border payments.

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