According to a report from a local Chinese media platform Caijing, the China Securities Regulatory Commission (CSRC) has created a technology supervision department, the first one that the agency will ever have. The news also states that the CSRC has decided that a former head of the Digital Currency Research Institute at the People’s Bank of China (PBoC), Yao Qian, has been appointed as the director. The appointment has already been announced on the CSRC’s internal bulletin.
Yao Qian has considerable experience in the sector and was the first PBoC Digital Currency Research Institute Director when it began operations in 2017. Furthermore, Qian is said to have a strong interest in the market and has contributed immensely to the development of China’s Central Bank Digital Currency (CBDC). Because of Qian’s interest and contributions to the industry, it had been speculated recently that he would be appointed.
The new department was created to look into technological advancements and how they can help China’s markets for better regulation and provision of in-depth and accurate analysis of data and information. Elaborating on this, the director of the CSRC’s Information Center Zhang Ye said:
“Big data, cloud computing, artificial intelligence and other scientific and technological means, provide comprehensive and accurate data and analysis services for the CSRC.”
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