China's PBC Law Amendment Seeks to Clarify Digital Yuan Legal Status on June 23

According to Caixin, the amended draft of the People's Bank of China Law was submitted for first reading at the 23rd session of the 14th National People's Congress Standing Committee on June 23. The revised draft explicitly clarifies the legal status of the digital yuan, marking a new provision compared to the 2020 draft, which only mentioned that "currency includes physical and digital forms." The revision strengthens legal protections for the state-issued digital currency and reinforces existing prohibitions against unauthorized digital tokens or substitute currencies.
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