Wednesday, December 8, 2021
Home Crypto News Market China Reports First Case Of Money Laundering With Digital Yuan

China Reports First Case Of Money Laundering With Digital Yuan

- Advertisement -

Chinese law enforcement officials have detained 11 suspected money launderers using a central bank digital currency, Digital Yuan.


The Xinmi City Public Security Service reported that recently Anti-Fraud Center and the Zhengzhou Public Security Bureau, have identified a criminal group that has used government digital currency to launder money.


According to officials of the Xinmi Public Security Bureau, the group first deceived one of the residents of Xinmi province was cheated for 200,000 Yuan (about $32,000) by impersonating it as a tech support team. The group then utilized the digital Yuan wallet to launder money and funnel it out of the country, investigators discovered.

The police later arrested the 26-year-old suspect from Fujian province, following an investigation, 11 individuals connected to the case were arrested and will be arraigned in a criminal trial.

Based on the findings of the investigation, authorities say that the group made use of the digital yuan platform to conceal funds, by sending the funds to an international fraud group operating in Cambodia. According to officials, the group was able to exploit the recently introduced CBDC wallets in order to avoid being arrested.

Although cryptocurrency use is prohibited in China, the digital Yuan is accepted in large Chinese cities. In October 2021, approximately 140 million individuals in China were registered users of digital Yuan wallets.

Law enforcement agencies acknowledged that although the state digital currency was intended to combat money laundering, terrorist financing, and suppression of other criminal activities, it has not yet been able to solve these problems.


China is pushing ahead with testing its state digital currency to launch by the 2022 Olympics. Two months ago, a full-scale test of the state digital currency began in the city of Sinai with 6 million users. In August, Chinese banks began exploring the potential of the state digital currency for insurance and investment. In the same month, China announced that it intends to launch an international settlement network for mobile payments in Digital Yuan.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Floki Inu To Be Seen At Least 210 Million Times After Floki New Partnership With Russian Most Famous Football Club

 Floki Inu announced a partnership with the Russian most famous Football club "Spartak-Moscow." window.coinzilla_display = window.coinzilla_display ||...

Dogecoin Entered Top 5 Most Searched Google News Queries of 2021

Dogecoin (DOGE) ranked fourth in the list of the most searched Google searches worldwide in the News category in 2021. trends.embed.renderTopChartsWidget("12671d45-ca76-450b-9ced-14f27b4587b4", {"geo":"GLOBAL","guestPath":""}, 2021);...

New Order Announces $NEWO Token Sale Through Dutch Auction On MISO

Toronto, Canada, 8th December, 2021, New Order, a community-driven venture DAO incubator for decentralized financial (DeFi) projects, announced the public sale of its governance...

Billionaire And Former Google CEO, Eric Schmidt Becomes Chainlink Strategic Advisor

Former Google CEO and Billionaire, Eric Schmidt has joined oracle provider Chainlink Labs as a strategic advisor. ...

Shiba Inu Games Became Partners With Australian Playside Studios

Playside Studios (PLY) shares price jumped more than 4% to $0.83 after Australia’s largest publicly listed video games developer entered into a material fixed...

Visa Is Launching An Advisory Practice That Will Help Further Mainstream Adoption Of Bitcoin And Other Digital Assets

Payment giant Visa has announced the launch of a new advisory division to help clients navigate the cryptocurrencies world reported by CNBC.

10% Of Americans Plan To Give Crypto On Christmas As Gift With Bitcoin #1 Choice For Holiday Gifting

Almost every tenth citizen of the United States is ready to give cryptocurrencies as a gift for the New Year, and every fourth is...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.