The People’s Bank of China (PBOC) has stepped forward to squash widespread misinformation about a fake “Digital Yuan Bank” that has been making rounds online.
As reported by The Securities Times, several social media accounts have been spreading false claims about a Shanghai pilot and recruitment drive for digital yuan promoters. The PBOC’s Digital Currency Research Institute made it clear—none of these claims are connected to any official government program.
Fraud Rings Exploit CBDC Confusion
Investigators uncovered elaborate scam operations that promise cashback bonuses, host meetups, and create fake group chats to push people into “converting” currency using counterfeit apps and links.
Some schemes even recruit individuals under the guise of official promoters, operating similarly to MLM or pyramid schemes.
Four Core Scam Techniques Identified
According to the PBOC:
- Fake pilot program launches
- Guaranteed profit investment pitches
- Deceptive job offers and referrals
- Spoofed calls pretending to be government officials
All of these aim to steal funds or sensitive information.
The Big Picture: Trust vs. Deception in CBDC Rollouts
The PBOC emphasized that e-CNY is a legitimate digital currency, issued by the state and distributed through secure, regulated channels only. It’s not an investment product, and any claims suggesting otherwise are fraudulent.
As central banks worldwide gear up for digital rollouts, this incident highlights a pressing need for clear public education to help consumers tell the difference between real innovation and clever scams.
