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China Warns Market Hype of CBDC as the Faker Runs Rampant

Recently, China’s central bank issued an announcement on the DCEP (China’s CBDC) again, pointing out that the trading of “DC / EP” or “DCEP” in the market is fake as the system is still in the process of research and testing.

This is the second time China’s central bank has refuted rumors about DCEP in the latest three months as Scam under the banner of DCEP runs rampant in China. There emerge scams by issuing tokens, establishing websites and launching apps.

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After an official from Chinese government think tank said China’s central bank is expected to issue its state-endorsed digital currency first, the hype about DCEP emerges. Some crypto exchanges launched a digital asset trading pair called DCEP, some people even issued ERC20 token named “DCEP” based on the Ethereum public chain.

The number of relevant results of the key word “DCEP download” in Baidu, China’s largest search engine is about 516000. The top link is “DCEP payment-digital currency electronic payment interface platform”.

Click one of the relevant results and enter the home page. There is a 2-day countdown in the center of the page, with a brief introduction: “building hard… application scenario interface is about to open”. But the site does not specify what content is under construction. There is a poster attached to the countdown. Click it and a registration entry will pop up. The platform claims that you can get DCEP coupon after registration.

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                            Another Chinese crypto exchange called Rosex even launched trading pair of DC/EP

Not only some token’s smart contract creators are focusing on DCEP speculation, but app software in some android app’s resource websites also directly named after DCEP.

On c6.com, an android website, an app software named “DCEP digital currency” emerged, claiming itself that “this is a money making blockchain software, users can trade online through the software and make profits.”

Baidu Encyclopedia, the largest search engine in China has included an entry named DCEP. As the entry states, DCEP is defined as “a legal digital currency created by the people’s Bank of China which has not been issued”.

Over the past five years since China’s central bank set up the digital currency research group, it is still unknown what the central bank’s digital currency looks like and how the specific exchange mechanism is.

“DC / EP” is only the abbreviation of “digital currency / electronic payment” system. China’s central bank has not released the name of China’s legal digital currency yet. Before the official launch of China’s legal digital currency, crypto investors need to be alert to speculation and fraud.

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