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Hongji Feng
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Hongji Feng
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Why Trust Cryptonews
Key Takeaways:
- Fraudsters have used false claims to lure victims into scams involving fake promotions, phishing, and unauthorized “conversions.”
- Tactics include impersonating official channels, offering high-yield investments, and staging fake recruitment for digital yuan promotion.
- The central bank reiterated that digital yuan distribution occurs only through approved banks and platforms.
The People’s Bank of China Digital Currency Research Institute has denied claims circulating online about the launch of a “Digital Yuan Bank” and related recruitment efforts, according to a report by The Securities Times published on April 11.
The report states that various platforms have spread false information alleging new pilot programs in Shanghai and the hiring of digital yuan “promoters.”
The PBOC clarified through its research institute that these rumors are fabricated and unrelated to any official initiative.
Fraud Rings Use False Digital Yuan Narratives to Lure Victims
The Securities Times investigation found that scammers have used these claims to solicit personal and financial data from the public.
Promising cashback returns of up to 5%, these groups have created chat rooms and hosted in-person events to convince individuals to “convert” digital yuan through unofficial channels.
The scams often involve phishing links, counterfeit apps, and fabricated investment platforms presented as part of the digital yuan rollout.
Some mimic official recruitment schemes, offering commission-based promotion roles that mirror pyramid-style operations.
Digital Currency Institute Outlines Four Major Scam Types
In comments relayed by The Securities Times, the PBOC identified common scam tactics, including fake pilot program announcements, high-return investment pitches, fraudulent recruitment, and impersonation of authorities through scam calls.
These methods have led to data theft and monetary losses.
The Institute reiterated that e-CNY is a state-issued legal currency, not a speculative product, and is distributed solely through authorized commercial banks, government portals, and licensed platforms.
The spread of digital yuan scams revealsunderscores a larger issue: the lack of public clarity around how central bank digital currencies (CBDCs) actually fit into the current system.
Without clear lines between official use and opportunistic misuse, false narratives can take hold quickly.
As more countries pilot or issue digital currencies, these risks won’t remain contained to China.
The success of any CBDC will depend not just on infrastructure, but on whether the public can distinguish state-backed tools from private schemes pretending to be one.
