NPC Deputy Proposal for the Revision of the People's Bank of China Law: Clarifying the Legal Status of Digital Renminbi

CycleProphet · 2026-03-11T07:51:27+00:00

National People's Congress Deputy Fu Xiguo proposes amending the People's Bank of China Law to clarify the legal status of digital RMB and the responsibilities of the central bank, filling legal gaps and ensuring the safe circulation of digital RMB and consumer rights. The new law should establish legal responsibilities and penalties for related illegal activities.

CycleProphet

2026-03-11 07:51:27

Abstract generation in progress

Deep Tide TechFlow News: On March 11, according to Caixin, National People’s Congress delegate Fu Xiguo submitted a proposal to accelerate the revision and enactment of the People’s Bank of China Law. Currently, digital renminbi lacks clear legal regulation, and issues such as issuance, circulation, and risk prevention face a legal vacuum. This results in a lack of legal basis for the central bank to perform its issuance and management duties, making it difficult to effectively ensure the security of digital renminbi circulation and the rights of financial consumers. The revision of the People’s Bank of China Law should explicitly establish the legal status of digital renminbi as legal tender and clarify the core responsibilities of the central bank as the issuer of digital renminbi. The new People’s Bank of China Law should also include measures to regulate behaviors such as counterfeiting and tampering with digital renminbi, specify corresponding legal responsibilities and penalties, and safeguard the security of digital renminbi circulation.

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