Yao was also the first and former director of PBoC’s cryptocurrency research society and has been acknowledged as the sole contributor of numerous patent applications accounting to the country’s CBDC technology. In connection, this new division seeks to attain more comprehensive and accurate statistics analytics by incorporating more innovative technology into China’s markets.
Last October 2018, Yao left his post in PBoC to lead a securities clearinghouse so his new role would mark his comeback in the financial realm. Rumors even say that Yao’s appointment is due to his impeccable performance in the development of China’s crypto industry and his knowledge and expertise in financial technologies, particularly Blockchain.
Yao has positioned himself on Blockchain and has shared impressive ideas in the matter. He notably shared in his article in its most thorough look at how a central bank may possibly go about its design and supervision, which he called M0. In his article, Yao sketched out two significant futures—one where the bank itself issues digital currency alone, and one where it might allow commercial banks to issue such instruments.
Just this November, PBoC tied up a venture with global telecom and Huawei, but the details are yet to be announced. Given all this, China is now looking forward to Yao Qian’s appointment and how he would take further action in his office to contribute more of his significant innovations.