Chinese Police Warn of Increase in Digital Yuan Scams as CBDC Rollout Accelerates

Chinese police have issued a warning about an increase in scams related to the digital yuan, as the country's central bank digital currency (CBDC) is being rolled out. According to state-run news outlet CCTV, police in Shandong Province have reported a rise in digital yuan-themed fraud, with one recent scam having ensnared tens of thousands of people.

Fraudsters have developed authentic-looking apps that use digital yuan logos downloaded from official sites to dupe citizens into thinking they can make easy investment money. Police have advised citizens to be wary of digital yuan-themed apps not distributed by the central People's Bank of China or major state-run commercial banks.

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