China’s central bank has issued a stark warning about growing digital yuan scams circulating online and offline. The People’s Bank of China (PBOC) confirmed that rumors regarding a so-called “Digital Yuan Bank” and ongoing recruitment drives are entirely fabricated.
The PBOC Digital Currency Research Institute told The Securities Times on April 11 that these messages—mainly promoted on social media platforms—do not represent any real initiative from the bank.
Scammers Impersonating State Programs
Investigations revealed that fraudsters are promoting false investment opportunities, luring people with cashback incentives and fake recruitment roles in “digital yuan marketing teams.” Victims are often tricked into sharing personal information or downloading malicious apps designed to siphon money or data.
PBOC: Four Main Scam Methods Identified
The PBOC listed several recurring tactics used in these scams:
- Bogus announcements about new pilot programs
- High-return digital yuan investments
- Pyramid-like recruitment schemes
- Impersonation of regulatory officials via phone and fake documents
Official Reminder: e-CNY is Not a Speculative Asset
The PBOC reiterated that the digital yuan (e-CNY) is a state-backed legal currency, only accessible through officially licensed banks and platforms. It is not an investment vehicle and should never be accessed through third-party agents.
This surge in fraud highlights the urgent need for public education as CBDC adoption expands—not just in China, but globally.
