Skip to content

Token masquerades as a Chinese digital yuan, while the official release date remains unknown

May 22, 2020

With the official launch date for the digital yuan hidden, third parties have claimed to be officials of the digital yuan, hoping to attract gullible investors.

A recent statement released in a press release by a company called the Yuan Pay Group mentions the introduction of the “e-yuan.”, a currency that is said to allow the Chinese government to use smart contracts “to track assets and liabilities and to ensure that multiple loans with the same collateral are not taken out”.

“The circulation of the currency is controlled by the state”says the statement.

The page shows several warning signs

Token masquerades as a Chinese digital yuan, while the official release date remains unknown
Token masquerades as a Chinese digital yuan, while the official release date remains unknown

The Yuan Pay Group website, referred to in the press release, contains a number of warning signs defined by the United States Securities and Exchange Commission (SEC). in the simulated ICO of the project that the agency started in 2018 to educate the public about possible fraud.

Quotes from high-ranking entrepreneurs Peter Thiel and Richard Branson in particular are mentioned on the website in the section “Legal Comments”.None of them have publicly discussed the Yuan digital project.

In addition to the prominent support from celebrities, the company “e-Yuan” announces an “advertising agreement” and promises great benefits. There are also several links to social media applications at the top and bottom of the page, none of which are clickable. The “Media Comments” page is limited to a series of Forbes covers with headlines such as “China’s cryptocurrency will collapse the US dollar”..

Finally, the company claims to have “the official and confirmed license to trade cryptocurrencies,” even though trading in China has been banned since 2017.

The official start date of the Chinese CBDC is unknown

The digital yuan project led by the People’s Bank of China has been running since 2018. 2019It has been reported that the development It accelerated due to the announcement of the Facebook-sponsored Libra cryptocurrency.

The media reported on this in March 2020 The Bank of China has completed the development of the basic functions of the digital currency and is currently drafting laws that enable its application.

The bank’s last official announcement of its secret project, released in April, found that the digital currency pilot was in the cities of Shenzhen, Suzhou, the new Xiongan area, Chengdu, and the future venue for the Winter Olympics.

There was no update by Chinese officials on The final launch of the digital yuan and its date are unknown.

Cointelegraph contacted the Yuan Pay Group for comment, but received no response at the time of publication.