Chinese Banks Bolster Digital Yuan Security to Fight Money Laundering

Chinese banks say they will fight back against digital yuan-themed money laundering and identity theft schemes by rolling out new security protocols. Per the Beijing Business Daily, “some banks” have “taken action” following updated CBDC guidelines. The group of banks includes the state-owned Postal Savings Bank of China. The bank will now require wallet holders to submit “verification” and authenticate wallets with personal data. The bank’s customers will need to prove their identity using identity documents. The bank explained that in cases where customer identity information is “incomplete” or proof of ID documents are expired, it will take action.

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