Yao Qian Of PBoC's Crypto Lab to Join China Securities Depository and Clearing Corporation (CSDC)

Yao Qian, the former architect of China's central bank digital currency (CBDC)left his position and has now taken up the role of general manager at the China Securities Depository and Clearing Corporation (CSDC).

From 2002 to 2010, Qian worked in China Securities Depository and Clearing Corporation and served as deputy director and director of the Technology Development Department and System Operation Department. Since 2010 he worked in the People's Bank of China. He served as a member of the Party Committee and deputy director of the Credit Information Center, deputy director of the Science and Technology Department, director of the Digital Monetary Research Institute, and inspector of the Science and Technology Department

Qian appears to have emerged from the ether as a rare government agent in a position of power not just through appointment, but also through his evidently strong grasp of the technology itself. In the article, Qian sketched out two different futures – one where the central bank itself is the only party that issues digital currency, and one where the central bank might authorize commercial banks to issue such instruments. And not only that, but he also draws up the framework for a new wallet model as well.

Yao joins CSDC at a time when the state-owned entity is encouraging initiatives in the country aiming to adopt blockchain in the traditional financial system. In 2016 that the CSDC had signed an agreement with its counterpart in Russia to partner on blockchain applications for post-trade settlements. More recently, the CSDC's Shanghai branch supported a domestic commercial bank using a blockchain to issue asset-backed securities (ABSs) worth $66 million.

Notably, he is one of the most influential individuals in blockchain community in China, due to his efforts in leading the PBoC's development of a digital yuan.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $165.04B $9,292.0138 6.88% $6.4B
ETH $29.4B $276.0390 4.31% $1.98B
XRP $17.92B $0.4217 3.80% $570.56M
LTC $8.55B $137.3073 1.90% $837.65M
BCH $7.77B $435.3234 3.63% $290.28M
EOS $6.54B $7.1188 6.58% $871.86M
BNB $4.68B $33.1324 0.09% $253.6M
BSV $3.85B $215.7655 1.03% $127.66M
USDT $3.45B $1.0049 -0.06% $5.81B
XLM $2.5B $0.1288 2.17% $87.26M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.