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The proposal by the NPC representative to amend the "People's Bank of China Law" clarifies the legal status of digital renminbi as legal tender
According to Caixin, NPC representative Fu Xiguo submitted a proposal to expedite the revision and enactment of the "People's Bank of China Law of the People's Republic of China." Currently, the digital RMB lacks clear legal regulations, and the issuance, circulation, and risk prevention face a legal vacuum, resulting in the central bank lacking a legal basis in fulfilling its issuance management responsibilities, making it difficult to effectively ensure the circulation safety of digital RMB and protect the rights and interests of financial consumers. The revision of the "People's Bank Law" should clarify the legal status of digital RMB as legal tender and define the core responsibilities of the central bank as the issuer of digital RMB.
The new "People's Bank Law" should also include acts such as counterfeiting and tampering with digital RMB within the scope of legal regulation, clarifying the corresponding legal responsibilities and penalties to ensure the circulation safety of digital RMB.
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