Chinese Crypto Traders Should be on the Lookout for this Crypto Scam
Crypto traders in China need to watch out for scammers who are presenting fake coins as China’s national cryptocurrency. The tokens began to show up on the internet shortly after Chinese officials announced the DCEP. The fake DCEP tokens are being traded on fringe platforms such as P2P and decentralized exchanges.
According to Chinese officials, the nation wants to be the first in the world to issue a digital currency backed by a central bank. Various Chinese, including the president, have made some very pro-blockchain statements in the last few days.
As soon as the acronym DCEP was mentioned, working got to work creating fake tokens. The tokens are accompanied by imagery that attempts to make it seem as though they are the real deal. However, China’s digital currency has not yet launched and no date for its launch has been announced yet.
How China’s Currency Will Work
China plans to use a two-tier model to launch its coin. The nation has been working on a digital currency for about six years. As a result, it has gathered quite a lot of knowledge about what could work best. In the two-tier model, the banks will be on the first tier. In the second tier, the banks will connect to retailers.
China’s digital currency will not require an internet connection. Instead, the nation has opted to use near field communication technology. This will ensure that even those in rural areas can access the payment system, as long as they have a mobile phone. The development is important since internet connections in rural areas are not always reliable.
Published at Fri, 01 Nov 2019 16:31:14 +0000
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