PBOC Law revision draft proposes to clarify the legal status of digital RMB

PANews, June 24 – According to Caixin, the Law of the People's Republic of China on the People's Bank of China (Revised Draft) was submitted on June 23, 2026, to the 23rd meeting of the Standing Committee of the 14th National People's Congress for its first deliberation. Among the revisions, "clarifying the legal status of the digital renminbi" is a newly introduced provision. The 2020 draft for public comment only mentioned that "the renminbi includes physical and digital forms." The earlier draft also stipulated that no entity or individual may produce or sell token vouchers or digital tokens to replace the renminbi in market circulation. The People's Bank of China shall order the cessation of such illegal acts, destroy illegally produced or sold token vouchers and digital tokens, confiscate illegal gains, and impose a fine of up to five times the illegal amount.
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Author: PA一线

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