Don’t be a Victim of These Chinese CBDC Scams

Don’t be a Victim of These Chinese CBDC Scams

A fake CBDC investment program has come to China. It promises handsome rewards for people who would invest in connection to the digital yuan.

Because some cities are going to be part of the test for China’s CBDC, some scammers are impersonating the real officials involved and promising fake returns on investment for spending some money during the test.

Tencent QQ discovered that some scammers are encouraging their would-be victims to register for a new debit card and load it with at least 10,000 yuan ($1430 USD). The scammers say they will be given a huge sum of money in return.

The 10,000 yuan is said to be capable of yielding 70,000 yuan after some time which they didn’t say.

The scammers are present in the cities that have been chosen for the test. They are Shenzhen, Xi’an, Chengdu, and Suzhou. The tests are yet to kick off because the central bank has not given directives.

Local banks are wide awake

It has also been reported that apps for the fake investment program have been created.

The central bank is yet to announce the date when the tests will kick off. Last year, the banks stated that CBDC test date will be announced on government and other registered media outlets.

Chinese authorities are not new to fighting scams like this one. Recently, it prevented the continuous existence of a crypto scam scheme in Wenzhou although it had already stolen more than 100 million yuan from the people. The authorities also took over their cars and apartments.

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