Yao Qian, the former head of China's digital yuan project, has been accused of accepting at least $8 million in cryptocurrency bribes while at the People's Bank of China. A state broadcaster's documentary revealed details of the corruption, including how a subordinate facilitated the transfers. The scandal emerges as China promotes its central bank digital currency amid a crackdown on private cryptos.
Yao Qian, who once led the People's Bank of China's Digital Currency Institute, was expelled from the Communist Party in 2024 on corruption charges. State investigators, as detailed in a CCTV documentary reported by China News, claim he accepted bribes in Ethereum from businesspeople seeking favors.
A key figure in the scheme was Jiang Guoqing, Yao's former subordinate. Jiang admitted in the interview: “I set up a [wallet] where people would send coins, and then [we could] transfer them to Yao Qian’s personal wallets.” He explained setting up the address to avoid direct involvement, fearing trouble, despite knowing the actions were wrong. Businesspeople sent crypto to this wallet, which was then forwarded to Yao's personal accounts.
One specific case involved a businessman surnamed Zhang, introduced to Yao by Jiang in 2018. Yao allegedly abused his position to assist Zhang's company in raising 20,000 Ethereum tokens—currently valued at $51 million—via a token sale on a crypto exchange. In return, Zhang reportedly gave Yao 10% of the proceeds.
Party officials described Yao's actions as “power-for-money transactions using cryptocurrencies” and accepting a “particularly large amount of money,” though initial announcements omitted specifics on the sum or crypto type. Documents shown in the exposé indicate Yao purchased a $3 million upscale property in Beijing, funding at least half by converting bribe cryptos to cash. While investigators delved into China's largely illegal crypto sector, stating cryptocurrencies are “extremely difficult to regulate” due to borderless flows, DL News could not independently verify the property documents.
The timing coincides with efforts to boost interest in the digital yuan, highlighting tensions in China's dual approach to state-backed and private digital assets.
