Chinese Local Government Warns of Digital Yuan Fraud

Chinese Local Government Warns of Digital Yuan Fraud
Xiongan New District warned citizens of telecom fraud using the digital yuan, according to a Nov. 18 notice signed by the local government and central bank branch.Fraud cases involving China’s central bank digital currency have been making headlines. Just this week, police arrested a woman for defrauding RMB 300,000 ($40,000) using the CBDC. Earlier in November, another 11 people were arrested in Henan province for using the digital yuan to launder money for Cambodian gangs.The Xiongan authorities warned not to use unauthorized sources to download e-CNY apps, not to fall for scammers pretending to be government authorities, or invest in…