{"id":142815,"date":"2024-11-21T17:00:41","date_gmt":"2024-11-21T15:00:41","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=142815"},"modified":"2024-11-21T14:02:18","modified_gmt":"2024-11-21T12:02:18","slug":"ex-central-bank-digital-currency-head-faces-expulsion-over-crypto-corruption","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/ex-central-bank-digital-currency-head-faces-expulsion-over-crypto-corruption\/","title":{"rendered":"Ex-Central Bank Digital Currency Head Faces Expulsion Over Crypto Corruption"},"content":{"rendered":"

This follows accusations<\/a> <\/strong>from the country\u2019s anti-corruption authorities, who claim that Yao abused his regulatory power for personal benefit, particularly in relation to cryptocurrency deals. The charges include corruption, where he allegedly engaged in improper money-for-influence exchanges and favored certain technology service providers for his gain.<\/p>\n

The anti-corruption agency\u2019s announcement emphasized that Yao had fabricated his credentials and violated laws while serving in key positions. Though specific amounts have not been disclosed, reports suggest Yao amassed considerable illicit wealth. His case has been forwarded to prosecutors for further investigation.<\/p>\n

Yao, born in 1970, was instrumental in developing China\u2019s digital currency landscape. In 2017, he became the first head of the central bank\u2019s digital currency research institute, a position that allowed him to influence China\u2019s digital yuan development. Later, he held a leadership role at the China Securities Regulatory Commission, overseeing technology regulations.<\/p>\n