Babbitt Original | Return to the Securities and Futures Commission 22 years later, why did Yao Qian ’s “return” attract much attention?

On December 11, according to a number of media such as,, and China Business News, Yao Qian, the general manager of China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as "CSRC"), went to the Securities Regulatory Commission last week. And is expected to serve as the director of the Technology Regulatory Bureau of the Securities and Futures Commission.

According to public information, Yao Qian is 49 years old and is from Anhui. He graduated from the Department of Information Management and the Department of Computer of Nanjing University and obtained a doctorate in engineering. He is a professor-level senior engineer, a doctoral supervisor, a researcher at the Financial Research Center of the Counsellor's Office of the State Council, the secretary general of the National Financial Standardization Technical Committee, the deputy secretary and general manager of the China Securities Depository and Clearing Corporation, the postdoctoral research mobile station of the Financial Research Institute of the People's Bank of China Member of the Academic Committee of the Postdoctoral Research Station of the Credit Reporting Center of the People's Bank of China, member of the Blockchain Expert Committee of the Chinese Institute of Electronics, and member of the Academic Committee of Tsinghua University Blockchain Technology Joint Research Center. Former director of the Digital Currency Research Institute of the People's Bank of China.

From the Central Bank's Digital Currency Research Institute to the China Securities Regulatory Commission, from the China Securities Regulatory Commission to the Securities Regulatory Commission, every change in Yao Qian's position will attract wide public attention.

Babbitt learned that since Yao Qian became the general manager of CSI Securities in October 2018, the post of director of the Central Bank's Digital Currency Research Institute has been vacant for a long time, and China's central bank digital currency (DC / EP) research and development has also stalled for a time. .

What is unexpected is that in June 2019, the white paper of the Libra project led by Facebook was officially released, and the news detonated the entire financial and technological circle like a nuclear bomb. Since then, "DC / EP's coming out", "Mu Changchun, former deputy director of the Central Bank's Payment and Settlement Department, became director of the Digital Currency Research Institute of the Central Bank," and "the four major banks and the three major telecommunications operators launched DC / EP in Shenzhen or Suzhou" Pilots and other news came out one after another.

In a sense, Yao Qian is the "chief designer" of the central bank's digital currency. As early as 2014, as the main member of the digital currency research team of the People's Bank of China, he conducted in-depth research on digital currencies, demonstrating the theoretical foundation, technical architecture and application of the central bank's issuance of legal digital currencies. In 2016, the Digital Currency Research Institute was established to develop a digital currency prototype system for the central bank.

During Yao Qian's tenure (as of October 2018), according to the official website of the State Intellectual Property Office, the Digital Currency Research Institute of the Central Bank applied for a total of 71 patents (57 in 2017 and 14 in 2018), of which 8 patents revolved around digital currency wallets. Expand. In addition to theoretical research and patent applications, the Digital Currency Research Institute has also implemented a digital bill trading platform based on blockchain technology and launched a sandbox test of legal digital currency.

In the opinion of Babbitt reporters, Yao Qian belongs to academic officials, with strong professional ability and rich academic achievements. He has published nearly 150 articles and participated in the preparation of "Introduction to Digital Currency", "Frontline of Digital Currency Research", "Digital Currency Economic Analysis", "China Blockchain Development Report (2018)", "China Blockchain Development Report (2019) "Understanding Libra", "Financial Technology: Development and Supervision", "Credit Credit Big Data Theory and Practice" and other 8 books. At the same time, he is the inventor of more than 100 patents. First prize.

It is precisely because of Yao Qian's in-depth research on digital currency and blockchain that every article and speech of his conference will be regarded by the outside world as the latest government's latest views on digital currency and blockchain. He said at the Science and Technology Frontier Forum last week (December 7),

"A lot of people think that the central bank's digital currency must use blockchain technology. I personally don't think so. There are blockchain-based and non-blockchain-based cryptocurrencies. From this perspective, whether it is a centralized or decentralized model, Whether it is based on the blockchain or not, as long as it can improve the efficiency, it is worth our research and attention. Of course, a sentence needs to be added here. I personally think that the blockchain is the most important research hotspot at present. It can be done under the blockchain architecture. "

Babbitt reporters had simple contact with Yao Qian. He is easy-going, rigorous, and has a wide range of hobbies . He has in-depth research in credit information big data, finance, technology and other fields. He is open, optimistic and rational in financial innovation brought by Bitcoin and blockchain.

Interestingly, Yao Qian loved Red Studies and published a book on the Dream of Red Mansions. He is also the reader of Lu Xun's complete works, yearning for the "Wei Jin style" in Lu Xun's articles, and the "Qing Jun, Tong Tu, Gorgeous, Strong" style of Wei Jin literature profoundly influenced his writing, which is also reflected in his works .

When we look back at nearly 40 years of digital currency, 10 years of bitcoin, and 5 years of central bank digital currency, among the many experts engaged in digital currency research, Yao Qian is an absolutely inevitable existence.

The transfer to the Science and Technology Supervision Bureau of the CSRC is another new journey after Yao Qian completed his phased mission at the Digital Currency Research Institute of the Central Bank and China Securities Regulatory Commission. Therefore, there is a view that

"Yao Qian, the former director of the Digital Currency Research Institute of the Central Bank who is familiar with blockchain, is the head of the SFC's technology supervision. It is foreseeable that the CSRC will accelerate the pace of securities tokenization and token securitization."

At present, China's blockchain industry is developing alternately in two directions: on the one hand, to accelerate the advancement of blockchain technology innovation; on the other hand, to prevent and resolve financial risks brought about by the blockchain .

"The world is so new, everything has not yet been named." In China, on the road that no one has traveled, perhaps only Yao Qian can take on this responsibility. In the end, he borrowed a passage from FinTech: Development and Regulation co-authored by him:

"No matter how hot the future of blockchain technology in the global financial market, everyone in the world knows that Bitcoin is the first digital currency to adopt blockchain technology. Bitcoin has not only achieved blockchain technology, but also" Blockchain + The advent of the age brings glory to us and opens up the disruptive changes in the future financial sector . Any innovation will have certain risks. As a once-in-a-lifetime strategic opportunity , we should actively intervene in technology and participate in the formulation of rules when we are prepared. , And then have the right to speak, otherwise it is very likely that when they open up the international market, they will encounter barriers and become passive because of losing market opportunities. "

Attachment (Yao Qian's professional experience):

From August 1992 to August 1994, worked at Yanshan Petrochemical

In June 1997, he served as the Chief Scientific Officer of the Information Statistics Department of the China Securities Regulatory Commission.

In April 2001, he served as the Deputy Director of the Computer Management Department of the Information Center of the China Securities Regulatory Commission.

September 2002, Deputy Director of Technology Department of China Securities Depository and Clearing Corporation

May 2006, served as the director of the system operation department of China Securities Depository and Clearing Corporation

In December 2010, he served as a member and deputy director of the Party Committee of the Credit Center of the People's Bank of China.

Since then, he has served as Deputy Director of the Payment Department of the People's Bank of China and Deputy Director of the Science and Technology Department of the Central Bank.

In July 2017, he was the director of the Digital Currency Research Institute of the People's Bank of China.

September 2018, Deputy Secretary and General Manager of the Party Committee of China Securities Depository and Clearing Corporation

In December 2019, he is expected to be the director of the Science and Technology Regulatory Bureau of the China Securities Regulatory Commission

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