GuShiio.com GuShiio.com learned that on February 16, an article was published on the website of the Central Commission for Discipline Inspection and the National Supervisory Commission, stating that the use of virtual currency for power-for-money transactions was one of the typical features of the Yao Qian case and a new situation that had not been encountered in previous cases; Based on Yao Qian’s work experience and power use characteristics, the Discipline Inspection and Supervision Team stationed at the China Securities Regulatory Commission conducted in-depth and meticulous ideological and political work on Yao Qian. After urging him to explain the violations of discipline and law of using his power to help others make profits and accept virtual currency, he promptly obtained virtual currency hardware Wallet and other important physical evidence, strictly in accordance with relevant work requirements for electronic forensics, extracted his virtual currency transaction records, etc., and did a good job in price evaluation to promote breakthroughs in the case; Yao Qian took advantage of his position to accept huge bribes from many companies and provide assistance to others in information system procurement, involving project contracting, project promotion, fund allocation, project acceptance and other matters. The incident further confirms the problems we have paid attention to in our daily supervision such as high professional and technical barriers in the field of information system construction and high hidden risks of integrity in procurement and other links; Relevant comrades from the Discipline Inspection and Supervision Group stationed at the China Securities Regulatory Commission told reporters that unlike physical assets such as cash and gold, virtual currency is calculated based on cryptographic principles. It is just a string of numerical symbols on the network and is isolated from the current account system of commercial banks and payment institutions. It completely circumvents national foreign exchange controls and can be exchanged across borders at will. It is extremely concealed, and it is difficult to discover, obtain evidence, and solidify evidence.
An earlier disciplinary notice pointed out that Yao Qian coached a false reputation and regarded himself as a financial technology expert. He spared no effort to support specific technology service providers for his own selfish interests, and was willing to be a key training target for hunters; he abused regulatory powers such as policy advice, formulation, and execution powers., abandoned his duties in science and technology supervision, and used virtual currency to conduct power-for-money transactions.
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