PBOC reports first counterfeit digital currency wallets

Peoples Bank of China (PBOC) building
COUNTERFEIT: PBOC has revealed that it has discovered fake digital yuan wallets on the market

The People’s Bank of China (PBOC) has “found counterfeit digital yuan wallets on the market,” the head of the bank’s digital currency research institute Mu Changchun has revealed.

Speaking at the Second Bund Summit in Shanghai, Changchun gave no “additional details” about the discovery of the counterfeit central bank digital currency (CBDC) wallets, but did say that “reducing counterfeiting will require coordination between the different sides tasked with bringing the digital currency to ordinary users,” the South China Morning Post reports.

The bank official also revealed that it will be possible for the CBDC to be used in mobile wallets such as WeChat Pay and Alipay.

“WeChat and Alipay are wallets, while the digital yuan is the money in the wallet,” he explained.

Residents of Shenzhen spent nearly 9m digital yuan during a pilot of the new digital currency in the city earlier this month.

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