Former Chinese Official Yao Qian Accused of Cryptocurrency Bribery

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Yao Qian, once a strong supporter of cryptocurrencies in China and the founder of the country’s Central Bank Digital Currency (CBDC), has been accused of using cryptocurrencies for bribery, involving significant amounts. The Chinese government has dismissed him from his position and expelled him from the Communist Party. His case has now been transferred to the prosecuting authorities for further investigation and prosecution. This marks a major shift in China’s stance toward crypto, as the former advocate faces serious legal consequences for alleged misuse of digital currencies.