Rapid progress in China’s Central Bank Digital Currency (CBDC) development has led to a rise in digital yuan-related criminal cases, including fraud and identity theft. A Shanghai court recently convicted a group that exploited CBDC functions on an ATM, stealing over $17,150 worth of banknotes. Criminals took advantage of the digital yuan’s popularity, using phishing and fraud schemes. Authorities warn the public to be cautious and obtain CBDC information through official channels. The incidents highlight the need to upgrade anti-money laundering regulations to counter sophisticated criminals taking advantage of CBDC developments. (Source: Cryptonews)