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Digital yuan fraud becomes more common nearing the CBDC rollout

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Fraudulent attempts to trick digital yuan out of unsuspecting residents are becoming more common in China, Cryptonews.com reports. According to the source, the police warn about scams that get digital yuan users involved in get-rich-quick schemes.

The source says that Beijing is planning to roll out digital yuan before the Winter Olympic Games in 2022, which means that the token will be issued less than a year from now. Amidst the preparation, the police report scammers being on the rise. Cryptonews.com, citing a post from a police unit in Shandong Province, talks about a scam involving 500 users of the CBDC who were led to believe they would get access to a governmental fund and can make over $20,000 for participating.

Other fraudsters can also be more active as people show more interest in the digital yuan. China has been well on the way to launching the token, with several promotional events taking place this and last year. The most recent trial took place in Beijing before the Lunar New Year, where 50,000 citizens each received 200 digital yuan in a random drawing.

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