{"id":9774,"date":"2022-03-31T23:19:15","date_gmt":"2022-03-31T23:19:15","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/chinas-digital-yuan-app-gets-update-as-police-deal-with-first-ever-cbdc-fraud-case\/"},"modified":"2022-03-31T23:19:17","modified_gmt":"2022-03-31T23:19:17","slug":"chinas-digital-yuan-app-gets-update-as-police-deal-with-first-ever-cbdc-fraud-case","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/chinas-digital-yuan-app-gets-update-as-police-deal-with-first-ever-cbdc-fraud-case\/","title":{"rendered":"China\u2019s Digital Yuan App Gets Update as Police Deal with First-Ever CBDC \u2018Fraud\u2019 Case"},"content":{"rendered":"<div>\n<figure class=\"image\"><figcaption>Source: AdobeStock \/ RHJ<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>The central <strong>People\u2019s Bank of China<\/strong> (PBoC) has added new functionality to its pilot digital yuan app \u2013 but it appears that some citizens are already trying to commit crimes using the new token, and have attempted to use it to launder money.<\/p>\n<p>Per IT Home, the PBoC\u2019s app, which debuted in 11 cities and regions earlier this year, is set for a facelift \u2013 its first-ever \u2013 in the coming days, with an update that will respond to <strong>Apple<\/strong>\u2019s next iOS update.<\/p>\n<p>The PBoC app update, named 1.07, has been designed to harness new functionality on iPhones running the official digital CNY app. Apple\u2019s iOS 15.4 update is expected to drop sometime this week.<\/p>\n<p>The report said that the PBoC\u2019s update will include \u201cimproved accessibility services,\u201d as well as voice-inputted passwords and improved face recognition functions. Improved functions for retrieving lost or forgotten login details and passwords have also been added, along with other functions. These features will reportedly all go live once iPhone-using digital CNY holders update both the app and their operating systems.<\/p>\n<p>However, not all firsts for the PBoC\u2019s digital coin have been so auspicious: The Chinese judiciary is about to hear its first-ever case involving digital yuan fraud, reported JX News. Cyberpolice in Jiangxi Province have arrested and charged a man surnamed Wang (aged 24). He was accused of posing as a public prosecutor and duping a female victim in Xinyu into sending him \u201chundreds of thousands of CNY\u201d in digital form in October last year.<\/p>\n<p>The police force said that the man then proceeded to contact an online money laundering gang through a social media platform. The gang allegedly instructed him to download a (commercial bank-run) digital CNY wallet and funnel the woman\u2019s funds through this address. Wang then allegedly transferred these funds to accounts at banks before finally transferring the funds to an Alipay account.<\/p>\n<p>Police say they recovered over USD 47,000 worth of funds, although their months-long search involved an exhaustive trawl that took them through online and brick-and-mortar institutions.<\/p>\n<p>Meanwhile, experts say that the digital CNY\u2019s rollout may still be some way off. Speaking at a roundtable event hosted by the Economic Daily and reported via DQ Daily, Li Yiyang, a Senior Economist at the <strong>China Construction Bank<\/strong>\u2019s Research Institute, claimed that \u201ctechnological improvements\u201d were still needed before a nationwide rollout.<\/p>\n<p>Li called the process a \u201clong-term evolution,\u201d which required constant \u201cdynamic upgrading.\u201d The economist added that \u201cthe impact\u201d the coin will have \u201con the financial system is still uncertain\u201d \u2013 another reason why the PBoC is still reluctant to roll out the token beyond its pilot areas.<br \/>____<br \/><strong><\/strong>\u00a0<br \/>&#8211; China\u2019s Digital Yuan Set for Local Adoption, Airport, Banking Drives<br \/>&#8211; Chinese IT Companies, Banks Expand Range of Offline Digital Yuan Solutions<\/p>\n<p>&#8211; CBDCs in 2022: New Trials and Competition with Crypto<br \/>&#8211; Caribbean CBDC Functional Again After Two-Month Outage<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ RHJ \u00a0 The central People\u2019s Bank of China (PBoC) has added new functionality to its pilot digital yuan app \u2013 but it appears that some citizens are already trying to commit crimes using the new token, and have attempted to use it to launder money. Per IT Home, the PBoC\u2019s app, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-9774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China\u2019s Digital Yuan App Gets Update as Police Deal with First-Ever CBDC \u2018Fraud\u2019 Case | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/chinas-digital-yuan-app-gets-update-as-police-deal-with-first-ever-cbdc-fraud-case\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s Digital Yuan App Gets Update as Police Deal with First-Ever CBDC \u2018Fraud\u2019 Case | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Source: AdobeStock \/ RHJ \u00a0 The central People\u2019s Bank of China (PBoC) has added new functionality to its pilot digital yuan app \u2013 but it appears that some citizens are already trying to commit crimes using the new token, and have attempted to use it to launder money. 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