Beware of Digital Yuan Scams: Important Statement from the People's Bank of China, Shanghai Head Office

Beware of Digital Yuan Scams: Important Statement from the People's Bank of China, Shanghai Head OfficeRecently, the People's Bank of China (PBC) Shanghai Head Office has received numerous reports from the public regarding fraudulent activities conducted by illegal entities impersonating the PBC. These scams primarily lure victims with enticing offers such as investing in digital yuan for cashback and paid recruitment of digital yuan pilot program promoters

Beware of Digital Yuan Scams: Important Statement from the People's Bank of China, Shanghai Head Office

Recently, the People's Bank of China (PBC) Shanghai Head Office has received numerous reports from the public regarding fraudulent activities conducted by illegal entities impersonating the PBC. These scams primarily lure victims with enticing offers such as investing in digital yuan for cashback and paid recruitment of digital yuan pilot program promoters. These fraudulent activities have caused significant financial losses and negative social impacts.

The PBC Shanghai Head Office hereby solemnly declares: it has never issued any announcements regarding investing in digital yuan for cashback, paid recruitment of digital yuan pilot program promoters, or any similar schemes. It has never established a digital bank, nor has it organized any form of digital asset registration, subscription, investment in digital yuan platforms, or distribution of digital asset dividends.

The digital yuan, as the digital form of legal tender issued by the PBC, maintains a 1:1 exchange rate with physical RMB; its value is stable, and there is no room for speculation. Any claim that high returns can be achieved through investing in the digital yuan is a blatant lie, solely aimed at defrauding the public.

These criminals exploit the public's limited understanding of the digital yuan and their investment mentality, fabricating false information and setting numerous traps to deceive victims. While the methods vary, their core objective remains illegal profiteering.

To help the public better identify and prevent digital yuan scams, we detail common scam tactics and preventive measures below.

I. Common Digital Yuan Scam Traps

Exploiting the popularity of the digital yuan and the public's unfamiliarity with new technologies, scammers have devised various traps, including:

Trap 1: High-Return Investment Traps

This is one of the most prevalent scams. Scammers use bait such as profitable digital yuan investment, common prosperity, and limited-time account opening to claim that investing in the digital yuan will yield high returns, even overnight riches. These are false promises designed to lure victims into investing and ultimately losing their money. The digital yuan, as legal tender, has a stable value and offers no investment profit potential. Any project promising high returns should be treated with extreme caution; do not blindly trust such claims.

Trap 2: Group Traps Using "Insider Information" as Bait

Some criminals use insider information and exclusive channels as bait to invite victims into so-called digital yuan discussion groups. Within these groups, they spread false information, misleading victims into investing or participating in other fraudulent activities. Remember, official announcements regarding the digital yuan will never be disseminated through group chats. Be wary of any invitations to join digital yuan-related discussion groups.

Trap 3: Phishing Traps Using Fake Official Websites and Apps

Scammers create fake websites and apps mimicking the People's Bank of China or other official institutions to induce victims to provide personal information, stealing bank card numbers, passwords, and other sensitive data. These fake websites and apps often closely resemble the official ones, making them difficult to distinguish. When downloading and using the digital yuan app, always use official channels.

Trap 4: Communication Traps Using Phone Calls and SMS Messages

Scammers contact victims via phone calls and text messages, impersonating PBC staff or personnel from other organizations, using various pretexts to induce investment or transfers. Never readily trust unfamiliar calls or messages, especially those involving financial matters. Exercise extreme caution.

II. How to Prevent Digital Yuan Scams

To avoid becoming a victim of digital yuan scams, remember these points:

1. Download the digital yuan app only through official channels: The digital yuan app is the official user service platform for the digital yuan. Users in pilot areas can search for "digital yuan" in their app stores or visit www.pbcdci.cn to download and register for the app. Do not download apps from other sources to avoid being scammed.

2. Do not easily believe promises of high returns: There is no investment profit potential in the digital yuan. Any project promising high returns should be treated with extreme caution.

3. Do not easily join discussion groups related to the digital yuan: Official information regarding the digital yuan will never be disseminated through group chats.

4. Do not enter personal information into unofficial apps: Never provide personal information, especially bank card numbers and passwords, through unofficial channels.

5. Do not readily lend your phone to others: Avoid allowing others to install malicious software or conduct illegal operations on your phone.

6. Do not easily trust unfamiliar caller IDs: Do not readily trust unfamiliar phone calls, especially those involving financial matters.

7. Do not join ICO (Initial Coin Offering) and pyramid scheme organizations under the guise of the digital yuan: ICOs are typical illegal fundraising activities; stay away from them.

III. Conclusion

The popularization of the digital yuan requires the joint participation and support of the public. To protect your assets and maintain social order, please remain vigilant, exercise discernment, and beware of scams. If you encounter any suspicious activity, immediately report it to the Public Security Bureau. The PBC Shanghai Head Office will continue to strengthen supervision and severely crack down on all forms of digital yuan fraud to maintain a healthy digital yuan ecosystem. We urge society to work together to safeguard the security and stability of the digital yuan. If you have any questions, please contact the official PBC customer service hotline.

Source: People's Bank of China, Shanghai Head Office

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