China’s Digital Yuan Being Laundered Already, Update Underway For App

China’s Digital Yuan being Laundered Already, Update Underway for App
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China’s digital yuan was making rounds in the news for quite some time now. Today, it has new information to offer, something that is not so positive. The central bank of China- People’s Bank of China recently updated the digital yuan app which is still in its experimental stage. The update, named 1.07, includes features like face recognition, audio input of passwords, retrieval of lost and forgotten information or details, among other updates. This update will go hand in hand with the iOS 15.4 update. 

With great innovation comes great responsibility too, responsibility of using a thing wisely. Though China’s digital yuan is a new and innovative concept in itself, cases of laundering the token have been occurring too. A Chinese media outlet reported that the cyber police have arrested a Wang, who imposed himself as government official to dupe a female victim, asking her to send him a lot of digital yuan. 

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The man did not stop there but also joined an online gang that helped people launder money. The gang tutored him how to go about with the plan through the digital CNY app and get the assets from the victim. Wang worked according to their instructions and was successful in the execution of the plan. Successful, until he was arrested by the police. So far, the police have been able to recover assets that are worth more than $47,000. 

So far, the digital CNY has been introduced in 11 provinces of China and many experts believe that China is not ready for its complete implementation, as it still needs some rather dynamic upgradation of the technology. Also, considering the risk it poses to the financial stability of one of the largest economies in the world, it might be a reason to stall full streamlining of the digital yuan.

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