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China warns of fake digital currency wallets fleecing netizens

February 27, 2024

China’s Ministry of Industry and Information Technology has warned local netizens that fake wallet apps for the nation’s central bank digital currency (CBDC) are already circulating and being abused by scammers.

The digital renminbi – aka the e-Yuan or e-CNY – is already widely used in parts of China where extensive pilots have commenced. Using the digital currency requires an app – here’s the iOS version – and a link to a bank account. The currency is essentially digital cash with Chinese characteristics – the potential for surveillance that has seen CBDCs become the subject of protests in other nations.

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