I came across a funny news (source; in Chinese only) yesterday. As many of you may have already known the news about China has been very active in developing, testing and claiming to implement Digital Yuan/RMB since the beginning of this year.
My last impression is that the progress is very fast and some pilot cases have been done and they even did an airdrop of some kind in Shenzhen recently ... all showing the sign that Digital RMB will soon be released for public circulation.
Well, although I do not like centralized digital fiat money, I still give them the credit for stimulating countries all over the world to keep up with them in some way.
Then I saw this news. To put it simply, the vibrant private sector in China has dished out their own fake digital RMB before the real one comes out! This news has been confirmed by their officials in the central bank and what's more embarrassing is that the central bank in China keeps stressing that one crucial purpose for developing digital RMB (DCEP) is to eradicate counterfeit RMB notes and coins...
Ooops!!
