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Proposal to Amend the Law of the People’s Bank of China to give Legal Status to Digital RMB

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It is reported that Fu Xiguo, a deputy to the National People\’s Congress and president of the People\’s Bank of China Shenyang Branch, proposed to submit a prop…

Proposal to Amend the Law of the Peoples Bank of China to give Legal Status to Digital RMB

It is reported that Fu Xiguo, a deputy to the National People’s Congress and president of the People’s Bank of China Shenyang Branch, proposed to submit a proposal to amend the Law of the People’s Republic of China on the People’s Bank of China at this year’s two sessions. Fu Xiguo believes that the management responsibilities of RMB should be improved, and the expression and production methods of legal RMB should be redefined in the legal provisions, giving digital RMB the same legal status as physical RMB; According to the characteristics of digital RMB, the issuance mode, circulation mode, supervision mode and other contents of digital RMB shall be comprehensively and in detail to prevent the risk of virtual currency and clarify the legal responsibility for making and selling digital tokens.

Fu Xiguo, deputy to the National People’s Congress: prevent the risk of virtual currency and clarify the legal responsibility for making and selling digital tokens

Interpretation of the news:


Fu Xiguo, a deputy to the National People’s Congress and president of the People’s Bank of China Shenyang Branch, made a proposal at this year’s two sessions to amend the Law of the People’s Republic of China on the People’s Bank of China. The proposal aims to redefine the expression and production methods of legal RMB in legal provisions, giving digital RMB the same legal status as physical RMB. This is a significant move that could pave the way for the widespread adoption of digital RMB in China.

Fu Xiguo argued that the management responsibilities of RMB should be enhanced, and the legal provisions on digital RMB should be revised. He suggested that the issuance mode, circulation mode, supervision mode, and other aspects of digital RMB should be comprehensively and detailed to prevent the risks associated with virtual currency. He also proposed clarifying the legal responsibility for making and selling digital tokens.

The proposal is crucial for China’s efforts to transition to a digital economy. Digital RMB is a form of electronic currency issued by the People’s Bank of China. It is the digital version of China’s fiat currency, which can be used for purchases and transactions online. With the growing use of digital payments in China, the adoption of digital RMB could significantly improve the efficiency of transactions and reduce costs.

The proposal by Fu Xiguo highlights the need to regulate and supervise the use of digital RMB to ensure its legality, legitimacy, and stability. It lays down the groundwork for digital RMB to be seamlessly integrated into China’s financial system, providing a secure and reliable platform for transacting online. Furthermore, it would clarify the legal responsibility of making and selling digital tokens, which would further enhance the credibility of the digital currency.

In conclusion, the proposal by Fu Xiguo to render legal status to digital RMB is a significant move that could bolster China’s transition to a digital economy. It would provide clarity and stability in the online financial system, making it more secure and reliable. The revision of legal provisions on digital RMB and clarification of legal responsibility for digital tokens could ensure the smooth integration of digital currency into China’s financial system.

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