Summary
TLDR: The Chinese Ministry of Information Technology warned about a fake central bank digital currency app circulating in China. The bogus app resembles the real one but has a different software version. Users are cautioned about the ‘Digital Yuan Test Version’ scam seeking to defraud participants in a CBDC trial. The fake app resembles popular crypto scams and the Chinese government is working to protect citizens from future fraud.
Key Points
1. The Chinese Ministry of Information Technology has warned China of a fake central bank digital currency (CBDC) application circulating, with a different software version number and package from the original e-CNY app.
2. The fake Digital Yuan Test Version app closely resembles the original Shuzi Renminbi app in logo, user interface, and slogans, but has a different package name, version number, and message digest algorithm (MD5).
3. The increased use of the e-CNY fiat currency in China could potentially give the country greater control over global trade, with recent exchange of CBDCs between China and the United Arab Emirates marking a step towards testing a new CBDC blockchain infrastructure.