Scam, corruption cases spark Chinese debate about future of virtual money

Scam, corruption cases spark Chinese debate about future of virtual money

The Chen Zhi arrest might push bitcoin prices down temporarily, but analysts said other factors will have greater sway in the long term.

China’s Digital Yuan Architect Convicted in $37M Crypto Bribery Scandal

Yao Qian, the former head of the digital currency wing of the People’s Bank of China, has been found guilty of taking a bribe of 2,000 ETH. In his office, a hardware wallet was discovered. Yao Qian is guilty of crypto bribery. The former director (56 years old) was instrumental in the digital yuan of...

Crypto News: Digital Yuan Architect Yao Qian Faces $8M Bribery Scandal

Key Insights Blockchain forensics exposed Yao Qian’s $8M Ethereum bribe, proving crypto news transparency strengthens accountability. China’s crackdown on private crypto contrasts with the promotion of the digital yuan, highlighting policy tensions in crypto news. Yao’s downfall shows that even pioneers of digital finance can misuse assets, reinforcing crypto news corruption warnings. A major corruption case has shaken China’s financial system.…