National People's Congress delegate proposes amending the People's Bank of China Law to clarify the legal status of digital renminbi as legal tender

Gate News reports that on March 11, National People’s Congress Deputy Fu Xiguo submitted a proposal to accelerate the revision and enactment of the “People’s Republic of China Law of the People’s Bank of China.” The proposal points out that the current digital yuan lacks clear legal regulation, and issues related to issuance, circulation, and risk prevention face a legal vacuum, resulting in a lack of legal basis for the central bank to perform its issuance and management duties. This makes it difficult to effectively safeguard the security of digital yuan circulation and the rights of financial consumers. The proposal suggests that the revision of the People’s Bank Law should explicitly establish the legal status of digital yuan as legal currency and clarify the core responsibilities of the central bank as the issuer of digital yuan. The new Law of the People’s Bank should also include behaviors such as counterfeiting and tampering with digital yuan within the scope of legal regulation, clearly define corresponding legal responsibilities and penalties, and ensure the security of digital yuan circulation.