China warns against fake CBDC app [Video]

The Chinese government has warned the public against fake digital yuan apps that target users with promises of overnight riches.

In a recent social media post, the Ministry of Industry and Information Technology (MIIT) noted that the fake apps use patriotic themes, flashy advertising, and promises of handsome dividends to lure users. Once they download the app, users are redirected to ‘uncommon social tools’ that can drain the funds from their linked bank accounts.

The ministry said the fake app is branded similar to the official digital yuan app, with slight differences in aspects such as version number and package name.

To protect themselves from scammers, the government advises the public to be wary when scanning QR codes to download new apps, citing it as one common trick scammers rely on. They should also avoid untrustworthy websites and any platform promising unrealistic returns.

The Chinese government has been pushing its central bank digital currency(CBDC) for years. To access, users download the ‘Digital Yuan Test Version’ app from app …