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The draft amendment to the People's Bank of China Law aims to clarify the legal status of digital renminbi.
Deep Tide TechFlow News: On June 24, 2026, Caixin reported that the “Law of the People’s Republic of China on the People’s Bank of China (Draft Amendment)” had been submitted to the 23rd meeting of the Standing Committee of the 14th National People’s Congress for its first review on June 23, 2026. Among them, “clarifying the legal status of the digital renminbi” was included in the draft amendment for the first time. The report said that the 2020 public consultation draft only proposed that “the renminbi includes physical forms and digital forms.” This revision further elevates the legal standing of the digital renminbi.
In addition, the 2020 public consultation draft had also stipulated that no organization or individual may produce or sell token vouchers and digital tokens to replace the renminbi for circulation in the market. For related violations, the People’s Bank of China is empowered to order the cessation and destruction of illegally produced or sold token vouchers and digital tokens, confiscate illegal proceeds, and impose a fine of up to five times the amount involved in the illegal act.