{"id":13804,"date":"2021-11-16T15:50:06","date_gmt":"2021-11-16T14:50:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=13804"},"modified":"2021-11-16T15:50:14","modified_gmt":"2021-11-16T14:50:14","slug":"chinas-digital-yuan-fraud-cases-are-on-the-rise","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/chinas-digital-yuan-fraud-cases-are-on-the-rise\/","title":{"rendered":"China’s Digital Yuan Fraud Cases Are on the Rise"},"content":{"rendered":"\n
The number of cases of digital yuan fraud in China is steadily increasing. Another e-CNY case was handled by police in Jiangsu Province, east China, earlier this month<\/h5>\n\n\n\n
\"China's
China's Digital Yuan Fraud Cases (e-CNY) are on the Rise<\/figcaption><\/figure>\n\n\n\n

China's Current e-CNY Case<\/h2>\n\n\n\n

Police in Gao Biao, a county-level town under Yangzhou City's administration in Jiangsu, received a report from a victim that they had been defrauded earlier this month. According to the news outlet Modern Express\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in the area, the victim claimed she received a phone call from the suspect on Monday, stating she was a victim of a scam and requesting her personal bank account information and verification codes.<\/p>\n\n\n\n

With the victim's personal details, the scammers created an e-CNY crypto wallet on their behalf and loaded it with over 300,000 yuan ($ 47,000) from their bank account. The money was subsequently sent to the suspect's own digital yuan wallet.<\/p>\n\n\n\n

Local authorities discovered the money had been transferred to a digital wallet controlled by a suspect named Li in eastern Shandong Province during the inquiry. Li was later detained on allegations of assisting an overseas fraud group with money laundering using e-CNY. Li allegedly utilized 60,000 yuan (US $9,400) to create unlawful profits, according to the authorities.<\/p>\n\n\n\n

This isn't China'<\/a>s first instance of digital yuan money laundering. An e-CNY phone fraud case was also busted earlier this month in Xinmi, a county-level city in central China's Henan Province.<\/p>\n\n\n\n

What is e-CNY all About?<\/h2>\n\n\n\n

In the field of central bank digital currencies, China is a pioneer. The People's Bank of China issues e-CNY, often known as digital yuan (PBOC). Many people predict that the digital money will go online around the time of the Beijing Winter Olympics in February.<\/p>\n\n\n\n

According to a white paper<\/use><\/svg><\/span><\/a> produced by the PBOC in July, e-CNY does not provide complete anonymity, but rather “managed anonymity” with different degrees of complexity dependent on customer needs.<\/p>\n\n\n\n

“By ensuring that transactions comply with anti-money laundering \/ anti-terrorism requirements, the misuse of e-CNY for illegal and criminal activities such as telephone fraud, internet gambling, money laundering, and tax evasion should be prevented.”<\/p>\n\n\n\n

China is experimenting with the digital yuan all over the country. Qingdao (a coastal city in Shandong Province, northeast China) recently introduced a new batch of red e-CNY packets for use on the subway system. Residents who register can get a 50 yuan ($ 7.83) e-CNY voucher.<\/p>\n\n\n\n

According to calculations based on publicly available data, the country has issued at least 20 batches of e-CNY to expand the rollout of pilot projects in various cities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The number of cases of digital yuan fraud in China is steadily increasing. Another e-CNY case was handled by police in Jiangsu Province, east China, earlier this month China’s Current e-CNY Case Police in Gao Biao, a county-level town under Yangzhou City’s administration in Jiangsu, received a report from a victim that they had been […]<\/p>\n","protected":false},"author":29,"featured_media":13806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5441],"class_list":["post-13804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-china-e-cny-crypto"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/Chinas-Digital-Yuan-Fraud-Cases-e-CNY-are-on-the-Rise.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=13804"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13806"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=13804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=13804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=13804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}