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Rich Turrin

Rich Turrin

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Crime with the digital yuan doesn’t pay!

January 27, 2022 by Rich Turrin

Thanks to Forkast for this interview on some early digital yuan scams!

As you may have guessed the results were predictable!  The police nabbed the criminals quickly.

Richard Turrin, a Shanghai-based fintech consultant who recently published “Cashless: China’s Digital Currency Revolution,” told Forkast.News criminals trying to use China’s CBDC to defraud people must be “the world’s stupidest criminals.”

 

“The entire point of CBDC is to crack down on fraudulent money conveyance. Why criminals aren’t aware of that yet is surprising to me,” Turrin said. “All Chinese criminals should be aware that e-CNY is the last place you should put stolen money!”

 

Turrin added that the most important thing to understand about these CBDC fraud cases is that they were not attacks against the system. “Instead, fraudsters are relying on telephone scams that have been in use for ages.”

 

Link to full article on Forkast:

https://forkast.news/digital-yuan-scams-china-pboc-readies-e-cny/

 

 

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Rich Turrin

About Rich Turrin

Rich Turrin is the international best-selling author of “Cashless – China’s Digital Currency Revolution” and “Innovation Lab Excellence.” He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Rich is a leading media commentator and advisor on China’s digital currency and tech scene. Living in Shanghai for more than a decade, Rich experienced China going cashless first-hand.

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