Breaking: China Reports First Case of Money Laundering Using Digital Yuan

The Chinese government had just begun to celebrate the nation’s digital Yuan as a secure and centralized digital payment method when the Xinmi police cracked down on the first-ever money laundering racket using China’s CBDC. The Xinmi Public Security together with the Anti-fraud Center of the Zhengzhou Public Security Bureau arrested 11 suspects in the Fujian Province for illegally using digital Yuan to launder money. Additionally, the authorities revealed that the gang members were using China’s CBDC to further launder money for an overseas fraud group hiding in Cambodia.