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In Zhejiang province, <a href="https://bitcoinworld.co.in/china-student-given-4-years-prison-sentence-in-first-crypto-fraud-case/">China</a>, a criminal gang exploited digital yuan accounts to illegally cash out over 200,000 yuan ($27,566) within four days.&nbsp; 
The digital yuan, or e-CNY, is the People’s Bank of China’s (<a href="http://www.pbc.gov.cn/english/index.html">PBOC</a>) central bank digital currency (CBDC), which has experienced substantial growth in usage.&nbsp; 
Adoption has reached 260 million wallets across 25 cities, with applications in sectors such as transit, healthcare, and crude oil purchases.&nbsp; 
The perpetrators, who had difficulty securing regular employment, conducted these transactions through local merchants.&nbsp; 
They have since been arrested, prosecuted, and sentenced to prison, along with receiving fines.

Chinese Gang Arrested For Exploiting Digital Yuan

ItsBitcoinWorld

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