PANews reported on February 16 that according to Beijing Youth Daily, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission published an article entitled "Preventing and Controlling Integrity Risks in the Construction of Financial Information Systems". The article states that in recent years, the importance of technology supervision in the financial field has become increasingly prominent, and the high professional and technical barriers have brought about "difficult management, supervision, and accountability", which has made the integrity risks in the construction of financial information systems increasingly prominent. Yao Qian, former director of the Science and Technology Supervision Department of the China Securities Regulatory Commission and former director of the Information Center, coveted fame and regarded himself as a financial technology expert. For his own selfish reasons, he spared no effort to support specific technology service providers and was willing to be the "key training target" of the hunters; he abused the regulatory powers such as the right to recommend, formulate, and execute policies, abandoned his responsibilities for technology supervision, and used virtual currency to trade power for money.
The use of virtual currency for power-for-money transactions is one of the typical characteristics of the Yao Qian case, and is a new situation that has not been encountered in previous case investigations. Unlike physical assets such as cash and gold, virtual currency is calculated based on cryptographic principles and is just a string of digital symbols on the Internet. It is isolated from the account system of current commercial banks and payment institutions, completely circumvents national foreign exchange controls, can be freely exchanged across borders, is extremely concealed, and is difficult to detect, obtain, and solidify evidence.
In light of Yao Qian's work experience and characteristics in the use of power, the Discipline Inspection and Supervision Group of the China Securities Regulatory Commission carried out in-depth and meticulous ideological and political work on Yao Qian. After prompting him to confess to the disciplinary and illegal acts of using his power to help others make profits and accepting virtual currency, they promptly obtained important physical evidence such as virtual currency hardware wallets, strictly followed the relevant work requirements for electronic evidence collection, extracted his virtual currency transaction records, and carried out price assessment work, which helped to achieve a breakthrough in the case.
"Yao Qian took advantage of his position to accept huge bribes from many companies and provided assistance to others in the procurement of information systems, involving matters such as project contracting, project promotion, fund allocation, and engineering acceptance. His case further confirms the problems that we pay attention to in daily supervision, such as the high professional and technical barriers in the field of information system construction, and the great risks of integrity in procurement and other links." Relevant responsible persons of the Discipline Inspection and Supervision Group of the China Securities Regulatory Commission introduced that in response to the problems exposed by the case, the Discipline Inspection and Supervision Group put forward supervisory opinions to the Party Committee of the China Securities Regulatory Commission, urging it to be highly vigilant against the risks of integrity in information system procurement and to strengthen the construction and implementation of relevant systems.
