As Digital Yuan Rollout Nears, Number of Scammers around the Token Grows

As Digital Yuan Rollout Nears, Number of Scammers around the Token Grows

Crypto News News Scams
February 25, 2021 by Elias Powell
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It was recently announced by the Central Bank of China that digital-yuan was almost ready to be launched. Following the recent reports around digital-yuan’s launch, scammers have now started emerging spreading wrong information around the digital currency. The authorities in China are constantly going after such scammers and fraudsters. These scammers have been using the
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It was recently announced by the Central Bank of China that digital-yuan was almost ready to be launched. Following the recent reports around digital-yuan’s launch, scammers have now started emerging spreading wrong information around the digital currency.

The authorities in China are constantly going after such scammers and fraudsters. These scammers have been using the digital-yuan to their advantage, making false claims related to the future price of digital-yuan. The scammers have reportedly launched campaigns against innocent investors claiming digital-yuan would soon gain a surge in terms of price and demand.

There are many scammers who are even claiming to be regulated firms and even representatives from the Central Bank of China to lure people into believing that their digital-yuan investments would turn fruitful.

As a result of the above, several incidents are now being reported by the citizens in China. These citizens have been reporting that the scammers left them with no savings and ran away with all their money.

It has been revealed that before the commercial issuance of the digital-yuan, the Chinese regulators are now carrying out the final pilot. The handouts for the final pilot for the digital-yuan were distributed by the officials to the citizens as a goodwill gesture. The handouts were distributed among the citizens before the beginning of the Lunar New Year holidays that started at the beginning of February 2021.

It has been confirmed by the Central Bank of China that it is planning to launch digital-yuan before the beginning of the year 2021. The government is aiming to launch the digital-yuan so it is available even for the international visitors who will be visiting China during the winter Olympics.

Therefore, the government and the regulatory authorities in China are making all the efforts to launch digital-yuan within 12 months so it is available for all the citizens in China.

Amid the efforts made by the government/regulators, the scammers have also become determined into scamming people.

One of the most sophisticated scams currently operating in China is the “Central Bank’s International Wallet” scam. A detailed report around the particular scam has been provided by the Weifang police force’s cybercrime unit from the Shandong Province.

The authorities have revealed that so far, the scammers have managed to enlist more than 500 users for the fake Central Bank’s International Wallet.

Apart from enlisting the users, the scammers are also asking them to refer and bring in more users to the platform. The scammers are doing this by falsely claiming that by referring more people, the users will be able to gain access to a secret fund. As claimed by the fraudsters, the secret fund of 186 million CBDC, allocated by the government will be distributed among the initial joiners of the platform.

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