Recently, there have been reports of fraudulent announcements issued in the name of the Digital Currency Research Institute of the People’s Bank of China. These false notices claimed that “with the joint approval of the Ministry of Finance and the National Data Bureau, the digital renminbi platform will distribute digital asset dividends to users who have received exclusive withdrawal channels” and that “the second batch of asset registration reviews and subscription limits will be opened.”
Upon investigation, it has been confirmed that such announcements and platforms are forgeries, and the information contained within them is entirely false. The Digital Currency Research Institute has not released this information, nor has it organized registration or subscription for “digital assets” or issued “digital asset dividends.” Authorities, businesses, and the public are advised to remain vigilant, exercise discernment, and be wary of potential scams.
Dong Ximiao, the Chief Researcher at Zhaolian, stated that the digital renminbi is a digital form of legal currency issued by the People’s Bank of China, operated by designated institutions that facilitate public exchanges. It boasts high security, dual offline payment capabilities, and controllable anonymity. In simple terms, the digital renminbi retains all the characteristics of physical renminbi, just in a different form.
The public is becoming increasingly familiar with the digital renminbi, with growing levels of participation and understanding. Whether in consumer applications or in governmental and public services, the digital renminbi is gradually permeating various aspects of daily life. Applications range from distributing consumer red envelopes and enabling smart payments to managing prepaid funds and distributing government special funds, showcasing a “blooming” new landscape for its use.
However, there have also been numerous cases in recent years where individuals have exploited the digital renminbi or digital assets to conduct fraud. Dong Ximiao further clarified that China’s legal digital currency, the digital renminbi, is still in its pilot phase and that no institutions or companies have been authorized to issue legal digital currencies. Any so-called “digital currency” circulating in the market is not legally recognized.
In addition to the recent spread of these rumors, there have been instances where platforms have impersonated the People’s Bank of China to release false interpretations of digital asset-related policies. It has been confirmed that the People’s Bank of China and the Digital Currency Research Institute have not established any digital asset platforms. Anyone using this guise to lure investors is committing fraud, and investors must remain vigilant. Relevant departments should continue to enhance awareness campaigns and intensify efforts to combat and rectify these issues.
The digital renminbi app serves as the official service platform for users. Experts remind users to ensure they are downloading from official channels. Users in pilot areas can search for “Digital Renminbi” in app markets like Apple, Google, Huawei, Xiaomi, OPPO, Vivo, Meizu, and Honor, as well as mainstream app markets such as Baidu, App Store, 360 Mobile Assistant, and Wandoujia. They can also visit www.pbcdci.cn to download and register for the digital renminbi app.
