title: China’s crypto ban didn’t stop this ridiculous scheme

A new type of crypto scam has surfaced in China, with fraudsters posing as the China Banknote Printing and Minting Corporation (CBPMC) to sell cryptocurrency

China’s crypto ban didn’t stop this ridiculous scheme

A new type of crypto scam has surfaced in China, with fraudsters posing as the China Banknote Printing and Minting Corporation (CBPMC) to sell cryptocurrency through fake websites and apps.

For those familiar with China’s crypto regulations, this scheme might seem ridiculous. The country has banned several crypto-related activities, including trading and mining, and officially recognizes only its fiat currency, the renminbi, as legal tender. The idea that the very state-backed entity responsible for printing this fiat currency would launch a crypto only adds to the oddity of the crime.

In response, CBPMC issued a public warning through its official WeChat channel, stating that it has never sold any virtual currency through any platform. The company urged the public to remain cautious and avoid falling for fraudulent schemes.

Outside of China, scammers hacked official X pages belonging to government officials and agencies to promote fake meme tokens. Further complicating matters for unsuspecting victims, some presidents, including US President Donald Trump, have recently launched their own memecoins, making this once-absurd idea seem more plausible.

CBPMC, which operates under the People’s Bank of China (PBOC), is responsible for printing and minting the country’s banknotes, coins, and security documents. The PBOC has long been one of the most vocal opponents of cryptocurrencies, instead focusing on developing its own central bank digital currency (CBDC), the digital yuan. It sees one of the key benefits of the CBDC is its ability to combat fraud, much like how centralized stablecoin issuers — such as Tether —can freeze wallets linked to illicit activities.

However, the digital yuan has become an ingredient for scammers to play with. In February 2024, China’s Ministry of Industry and Information Technology warned about a fake digital yuan app that closely resembled the official version, continuing a trend that started in 2021. A December 2024 report from local media found that these scams have become increasingly sophisticated, with fraudsters impersonating banks and government officials to promote counterfeit applications and fraudulent investment schemes.

Japan’s bet on stablecoins may unlock $14 trillion in household savings

Japan is making significant strides in stablecoin adoption, with Progmat emerging as a key player in the country’s regulated digital asset ecosystem, according to a new report by research and consulting firm Yuri Group.

The Japanese government views stablecoins as a potential catalyst to unlock the country’s $14 trillion in household savings, Yuri Group said in its report. Once a pioneer in cryptocurrency adoption, Japan’s enthusiasm has cooled due to past security breaches and market downturns. However, with stablecoins offering greater financial stability, the country hopes to restore trust and drive broader digital asset adoption.

Progmat is backed by a consortium of major Japanese financial institutions and technology firms. Its ownership structure includes Mitsubishi UFJ (MUFG), Japan’s largest financial institution, which holds a 49% stake, and SBI PTS Holdings, a subsidiary of the SBI Group, which holds 5%, alongside other domestic leaders. SBI’s crypto arm, SBI VC Trade, recently announced that it expects to be among the first financial platforms in Japan to offer cryptocurrency trading in USDC.

A major milestone for Progmat came in February when Toyota announced its first security token bond on the platform. Progmat has also partnered with Wealth Realty Management, which has committed to using the platform for real estate-backed digital securities — an asset class that accounts for 89% of Japan’s security token market, according to Yuri Group.

Progmat’s stablecoin framework is designed to align with Japan’s regulatory requirements, which mandate a 1:1 reserve backing for issued stablecoins. Unlike decentralized alternatives, newer stablecoin approaches emphasize collaboration between private issuers and trusted banks, ensuring secure reserve holdings to minimize customer risk. This model keeps Japan’s largest financial institutions at the center of its digital finance transformation.

While Japan was an early leader in stablecoin regulation, implementing its first rules in 2022, progress stalled, and no stablecoins were commercially available until late 2024. Progmat now seeks to close that gap, offering a regulated and secure platform in an industry historically vulnerable to hacks and fraud.

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Former Bithumb chairman walks free

The South Korean Supreme Court has upheld the acquittal of former South Korean crypto exchange Bithumb chairman Lee Jung-hoon, dismissing the prosecution’s appeal on fraud charges worth approximately 110 billion Korean won ($75.5 million).

The South Korean Supreme Court has upheld the acquittal of former South Korean crypto exchange Bithumb chairman Lee Jung-hoon, dismissing the prosecution’s appeal on fraud charges worth approximately 110 billion Korean won ($75.5 million).

This decision finalizes the rulings from both the first trial and the appellate court, which had previously found him not guilty.

The Supreme Court announced the decision on March 13, affirming that there was insufficient evidence to convict Lee. The case revolved around