While Chinese digital yuan has not been officially launched yet, the country's watchdog has already identified cases of fake digital wallets, 8btc reports, citing Mu Changchun, the head of the central bank's digital currency research institute.
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According to Mu, it is important to find a solution before the problem reaches a scale that threatens national security:
"We have already found counterfeit digital RMB wallets on the market. Just like in the era of paper banknotes, the People’s Bank of China still faces the problem of counterfeiting and implementing anti-counterfeiting measures..."
Mu says the PBoC should focus its efforts on developing a recognizable digital yuan wallet. It is important to include other companies and government organizations to legitimize the official digital yuan wallet, Mu noted.
The central bank's executive declined to name particular cases of counterfeiting digital wallets.
China's warning comes after Mu announced that the bank is about to start testing "dual offline" wallet for digital yuan. The wallet authorization is based on a mobile phone number, however, the wallet itself is not tied to a mobile phone number as the phone is only needed to receive an authorization code.
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