Deputy Governor Directly Manages E-CNY Digital Yuan Under Serious Investigation

Fan Yifei, a member of the Party Committee of the People’s Bank of China and Vice Governor, who directly manages the Chinese digital yuan is suspected of serious violations of discipline and law.

China’s top anti-corruption watchdog said today it is investigating Fan Yifei, one of the six vice governors of China’s central bank, for “suspecting serious violations of discipline and law”.

Fan, 58, has served as deputy governor since early 2015, having previously held senior roles at China Construction Bank and China Investment Corporation.

He is the first high-ranking official to be investigated after the 20th Communist Party Congress of China. He is also the deputy governor who directly manages China’s E-CNY CBDC.

In recent years, Chinese President Xi Jinping has stepped up efforts to weed out corrupt Communist Party officials in the financial sector.

The Central Commission for Discipline Inspection (CCDI) informed the investigation in a statement but did not give any details.

In May, the CCDI said it was investigating Sun Guofeng, the former head of the central bank’s monetary policy department, for suspected violations.

In February, the anti-money-matching watchdog concluded an inspection of 25 institutions in the financial sector including central banks, banks and insurance regulators, in the country’s first coordinated inspection since 2015.

The PBoC started a trial trial of the e-CNY in Shenzhen in October 2020, and since then, the PBoC has expanded the studies to at least 23 provinces and cities.

This past September, Fan Yifei announced that it was promoting the linkage between its digital yuan and other traditional digital electronic payment instruments through universal QR code payments, as the country expands its digital currency pilot.

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