The proposal by the NPC representative to amend the "People's Bank Law" clarifies the legal status of digital renminbi as legal tender

According to Caixin, NPC representative and former president of the Liaoning branch of the People's Bank of China, Fu Xiguo, submitted a proposal to accelerate the revision and introduction of the "People's Bank of China Law of the People's Republic of China." Currently, the digital renminbi lacks clear legal regulation, and the issuance, circulation, and risk prevention face a legal vacuum, resulting in the central bank lacking a legal basis when fulfilling its issuance management responsibilities, making it difficult to effectively ensure the circulation safety of the digital renminbi and protect the rights and interests of financial consumers. The revision of the "People's Bank Law" should clarify the legal status of the digital renminbi as legal tender and define the core responsibilities of the central bank as the issuer of the digital renminbi.

The new "People's Bank Law" should also include behaviors such as counterfeiting and tampering with the digital renminbi within the scope of legal regulation, clarifying corresponding legal responsibilities and penalty standards to ensure the circulation safety of the digital renminbi.

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