As China continues to pave the way for the adoption of its central bank digital currency (CBDC), scammers are also active on the scene. The police in a province in China are now warning of “scams with a complex CBDC theme.”

The scammer says the counterfeit platform is scheduled to be launched in March

According to a post from the Cybercrime Department of the Weifang City Police Department in Shandong Province, a scam called “Central Bank International Wallet” claimed to be a digital RMB wallet platform. As of press time, the fake platform seems to have attracted nearly 500 users.

The fraud operator stated in the advertisement that the platform will give members the opportunity to obtain a “secret CBDC promotion fund” worth US$186 million.

It should be noted that the Weifang police quoted a previous report on the matter published by local media Sina for the first time. The scammers claimed that users of the platform could earn about $24,800 in profits.

Although the wallet is not “alive,” fraudsters say the platform will be launched in March. However, the cybercrime department of the Weifang Police is concerned about this because the scammers have collected the user’s personal details, such as bank details and real names, from the user through a smartphone application.

The scammers further claimed that the funds raised will promote the use of digital renminbi globally and nationwide. In addition, the fraudster also promises users that they will receive 2% of the bonus for every deposit.

Central bank warns against false digital RMB investment opportunities

The People’s Bank of China has been actively warning people of the proliferation of false organizations claiming to be the initiators of the digital renminbi. However, the central bank stated that these plans are actually just Ponzi schemes hidden behind a “multi-level marketing strategy.”

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Recently, the Beijing Municipal Government issued digital yuan worth 10 million yuan (approximately US$1.55 million) to 50,000 people in the city who used mobile apps to register for sweepstakes. During the Lunar New Year celebrations, users can use CBDC.

What do you think of the warning issued by the Chinese authorities? Let us know in the comments section below.

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