Cities in China will soon begin testing a new central bank digital currency, or CBDC. Predators now take advantage of this fact by playing after the CBDC Test sets.

According to Tencent QQ, criminals are promoting a scam in which they ask potential victims to open a new debit card. The victims were informed that after the initial investment, they would receive a “significant amount”, usually starting at 10,000 yuan ($ 1,430).

Each victim pledged that their investment would rise to 70,000 yuan ($ 1,023) during an undisclosed period.

This scam appears to be most common in the cities where CBDC tests will ultimately take place – in Shenzhen, Xi'an, Chengdu and Suzhou. However, the People's Bank of China (PBoC) did not officially approve such tests.

Local banks on high alert
Some reports indicate that scammers have developed a mobile app for victims to manage their nonexistent investments.

At the time of publication, the People's Bank of China (NBK) did not announce the start date for piloting the CBDC program in China. In 2019, Chinese banking authorities announced that they would announce the upcoming launch of CBDC through official channels.

Recently, the Chinese authorities have liquidated cryptographic fraud in Wenzhou. The plan raised over 100 million yuan ($ 14.31 million), which was donated to a number of luxury cars and villas.

Source: CoinTelegraph