Central Bank Digital Currency Scams: Made by Fraud Chinese?

Fraudsters promise high returns for people who distribute their money as part of a fake investment plan related to CBDC.

Cities in China will soon begin testing a new central bank or digital currency CBDC. Fraudsters now take advantage of this fact by pretending to be the CBDC test group.

According to Tencent QQ, criminals promote fraud that asks potential victims to open new debit cards.

The victims were told that they received “a large amount of money” after the initial investment, which usually starts around 10,000 yuan (US$ 1,430).

Each victim was promised that their investment would increase to 70,000 yuan ($ 10,023) in an unknown period.

It seems that this scam is most common in cities where CBDC tests will eventually occur – Shenzhen, Xi’an, Chengdu and Suzhou.

However, the People’s Bank of China or PBoC has not officially given the green light to start the test.

Most local banks being Vigilant. Some reports indicate that fraudsters have developed mobile applications for victims to manage their non-existent investments.

During the press, PBoC did not announce when it would start testing the CBDC program in China.

In 2019, Chinese banking authorities announced that they would announce the upcoming CBDC launch through official channels.

Chinese authorities have recently been mining a massive cryptocurrency fraud in Wenzhou.

The program includes more than 100 million yuan ($ 14.31 million) which was confiscated with several luxury cars and villas.